Apple Inc (NASDAQ: AAPL) Loses Momentum Says Market Timer Frank Kollar
July 1, 2008 (FinancialWire) (By Frank Kollar)
After reaching the $190 level, shares of Apple Inc (NASDAQ: AAPL) moved mostly sideways till June when the current market weakness pulled shares lower, down to $177 intra-day in the Friday, June 13 selloff.
AAPL then rallied, and appeared headed for a breakout. But the rally faded before new highs were reached and as of Monday, June 30, AAPL is at $167.44, new correction lows.
Just below current levels are several strong supports. If AAPL can hold and reverse, we could again see a run for the highs in this popular and heavily traded stock.
Watch the 38.2% retracement level at $162.73, the 50% retracement level at $153.72 and then comes critical support at $144.71. If critical support breaks, start looking at the short side as AAPL will be heading for a test of its 2008 $120 lows.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Apple .
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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