Bullish Reversal for Apple Inc (NASDAQ: AAPL) Says Market Timer Frank Kollar

July 30, 2008 (FinancialWire) (By Frank Kollar)

Shares of Apple Inc (NASDAQ: AAPL) traded a bit higher today but this analysis is about critical support that was reached back July 22 in intra-day trading.

Critical support, at $144.71, is the make-or-break level for a stock. Trades below it tend to go lower still, while a reversal at support tends to result in higher highs.

Back on July 22 we wrote; “Apple will continue lower to test the next support level at $144.71 a share.”

AAPL reached this critical level in Intra-day trading and then buyers stepped in pushing prices back to $162 at the close. This was a bullish test of support.

AAPL has shed more points in the past several days in a generally weak stock market. But that bottom holds and makes an excellent sell stop for a bullish trade. AAPL can easily reach $174 a share before significant resistance is met.

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.

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.

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