Shares of Apple Inc (NASDAQ: AAPL) May Have Lower Lows
Ahead Says Market Timer Frank Kollar
May 27, 2010 (FinancialWire) (By Frank Kollar)
Shares of Apple Inc (NASDAQ: AAPL) have lost ground since
their all time high close at $270.83 was reached on April
26.
With a 10% decline to date, has Apple corrected enough
that we be looking for a resumption of the advance?
Back in February we wrote a bearish analysis of Apple
stock and had our head handed to us as the stock rallied.
This is a company that has a loyal following and it is
hard to anticipate declines. Those loyal supporters just
keep buying.
But here we go again. Our analysis is based solely on
what we see in the chart with likely support and resistance
levels being reached.
That said; we see strong support for shares of Apple at
$222 a share, some 9% lower. Should share prices reach
this level and reverse, it will make a low risk bullish
trade set up with a stop below $222.
We would not be inclined to take a bullish trade at current
levels.
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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