Apple Inc (NASDAQ: AAPL) Breaks Out Says Market Timer Frank Kollar
July 22, 2009 (FinancialWire) (By Frank Kollar)
Shares of Apple Inc (NASDAQ: AAPL) rallied in after hours trading after announcing a better than expected third-quarter profit; up 15% from the same quarter a year ago.
Apple had traded lower in intra-day trading, but the announcement set shares on fire.
How high can Apple go?
Apple closed above the 50% retracement resistance level at $139.96 on May 29 and for the next six weeks, $139.96 acted as support as Apple moved mostly sideways.
Apple began its latest rally on July 8 and on Friday, July 17, Apple closed above the 61.8% critical resistance level at $148.48.
That close sets the stage for a run to at least the prior 2008 highs at $188 a share
The http://www.fibtimer.com Stock Strategy has 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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