Higher Highs Ahead for APPLE Inc (NASDAQ: AAPL) Says Market Timer Frank Kollar
April 23, 2009 (FinancialWire) (By Frank Kollar)
Shares of APPLE Inc (NASDAQ: AAPL) lost $0.42 on Wednesday, April 22 but rebounded in after-hours trading when the company reported a gain in net income for its second fiscal quarter as sales of the company's iPod and iPhone products came in ahead of expectations for the period.
Apple has been one of the stronger tech stocks over the past month, rising some 51% since its early March lows. .
Apple should reach the 50% retracement of its August to October 2008 declines in coming days. This level is our target for this advance at $130 a share.
If $130 is surpassed, the odds are excellent for Apple to reach $142 reached in coming weeks. $142 is critical Fib resistance so profit-taking should be expected assuming it is not encountered at $130 first.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in APPLE.
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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