More Upside Ahead for Apple Inc (NASDAQ: AAPL) Says Market Timer Frank Kollar
October 23, 2008 (FinancialWire) (By Frank Kollar)
Shares of Apple Inc (NASDAQ: AAPL) rose on Wednesday, October 22, after a better than expected earnings report. This on a day when the stock market shed some five percent as investors fled the financial markets on fears of a growing global recession.
Apple has more going for it than just a good earnings report. Apple put in a solid bottom at $89.15 a share three weeks ago and held above that number on a retest two weeks later.
More importantly, that low was right at the Fib 61.8% retracement of Apple’s entire gain since 2003. This makes for a critical long term support level and one that is likely to hold.
Look for Apple to reach $133.16 a share in coming weeks, assuming we do not have an escalating global meltdown.
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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