Apple Inc (NASDAQ: AAPL) Tests Support Says Market Timer Frank Kollar

July 3, 2008 (FinancialWire) (By Frank Kollar)

Shares of Apple Inc (NASDAQ: AAPL) are again testing support. After bouncing twice from intra-day lows around $164 a share, AAPL did not mount a rally as expected, but instead is again headed for a third test of support.

The $162.73 level must hold if AAPL shares are to move higher in a very bearish market environment. Should the $162.73 level fail, look for declines to the next support at $153.72.

Note AAPL is still outperforming the general market and critical support is down at $144.71, some 14% below Wednesday’s July 2 close. 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.