I am still on alert for a larger pullback in the market. The larger picture suggests the SPX will li...
Apple, Inc. (AAPL) Near All-Time Highs—Now What?
09/23/2009 12:01 am EST
Shares of Apple Inc (NASDAQ: AAPL) are approaching their all-time highs, which are likely to be do-or-die levels for this widely followed tech stock.
Apple's 2008 rally high was $192. Apple closed on Monday, September 21 at $184.02, only 4% from this critical resistance level.
To add to the concerns, Apple's 2007 high, and all-time high, is at $200 a
share, only 4.2% higher.
Apple is in a strong uptrend and no one can tell just how far such a trend will go. Usually, it is much further than anyone guesses. But these highs are critical and must be surpassed for this strong uptrend to continue.
A reversal at or near $192 can be traded with a short sale and buy-stop just above this $192. But be careful with shares of Apple. There are a lot of traders who love this stock. A close above either of these highs could result in some fast gains in very short order.
(Disclosure: The FibTimer.com stock strategy has a position in Apple.)
By Frank Kollar of FibTimer.com
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