Shares of Apple
Inc (NASDAQ: AAPL) Break Out
Says Market Timer Frank Kollar
December 29, 2009 (FinancialWire) (By Frank Kollar)
Last week we wrote; “Apple has had two rallies since
October with lower intra-day highs in the second one. The
first reached $208.71 on Oct 21 and the second reached
$208 on November 16. Draw a line through these highs and
you have a declining trend resistance line. Apple is headed
for the declining trend resistance line which is at about
$206 as of Wednesday’s December 23 close.”
On December 24 Apple gapped up at the open, rallied all
day and closed above this declining resistance line. Such
rallies are typical of Apple which has a huge following,
not only among computer users, but investors too. Rallies
are typically strong as traders pile into this stock when
they feel new highs are imminent.
On Monday December 28 Apple continued to advance closing
at $211.61.
The new short term target for Apple is now $222.76. Should
this level be surpassed, Apple could move all the way to
$261.60 in coming months.
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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any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
