August 11, 2009 (FinancialWire) (By Frank Kollar) — Shares of the ETF Ishares Lehman 20 Year (NYSE: TLT) continue to move sideways though with a great deal of volatility. There has been no tradable trend since early June.

TLT has been trading between a declining trend resistance line and a rising trend support line since March. TLT reached the rising support line last week and reversed to the upside on Monday, August 10.

To plot the pennant formation on a daily chart, connect the highs of May 14 and July 8 and extend the lines to the right. Then connect the lows of June 10 and August 7 and extend the lines to the right. You have a pennant formation that places current resistance at about $93.50 and support at about $90.00.

If support or resistance is decisively broken in either direction, look for a continuation in the direction of the break.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in TLT.

Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

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