Support and Resistance for Apple Inc
(NASDAQ: AAPL) Says Market Timer Frank Kollar
December 15, 2009 (FinancialWire) (By Frank Kollar)
Shares of Apple Inc (NASDAQ: AAPL) have created a pennant
formation since reaching new 2009 highs back on October
21.
Pennants are created when rallies reach ever lower highs
(October 21 and November 16) and declines reach ever higher
lows (November 3 and December 8). By drawing a line through
these highs and lows, and extending them out into the future,
they eventually connect.
This creates an ever tightening trading range as the declining
resistance line and rising support line draw closer together.
Typically, when stock prices break out of a pennant pattern,
either to the upside or downside, prices continue in the
direction of the break.
A close above $206, or below $189, should indicate near
term direction of prices for Apple. And these upper and
lower levels are drawing closer every trading day.
The http://www.fibtimer.com Stock
Strategy has a position in Apple Inc.
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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for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
