I'm thinking along your line, only not that it will go to 500, maybe 550. Apple is now entering a complicated zone, so the moves aren't as predictable to me as the last three (up-down-up). I'm waiting for clarity.
Only Apple
- Thread starter short4bread
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I'm thinking along your line, only not that it will go to 500, maybe 550. Apple is now entering a complicated zone, so the moves aren't as predictable to me as the last three (up-down-up). I'm waiting for clarity.
Man, I hope you are right.
Bearish seasonality is around the corner typically begins around april/may sometimes comes a little late; now with that said.
During the last earnings, AAPL broke out of the uptrend channel and flew by nearly nonstop towards the sky.
It now seems to be losing momentum and the top of the uptrend channel it broke (red line) may want itself tested from above to tell the market that the upside is healthy and that the exuberant up-move was orderly and not chaotic aka parabolic.
Gyrations and retraces exist in all instruments, including the ultra bullish Apple Computer.
Imo, it will fight to try to plot a higher low here though.
During the last earnings, AAPL broke out of the uptrend channel and flew by nearly nonstop towards the sky.
It now seems to be losing momentum and the top of the uptrend channel it broke (red line) may want itself tested from above to tell the market that the upside is healthy and that the exuberant up-move was orderly and not chaotic aka parabolic.
Gyrations and retraces exist in all instruments, including the ultra bullish Apple Computer.
Imo, it will fight to try to plot a higher low here though.
Some good points there. My only problem with an angled Trend Line is it gets very subjective as to what points it touches, which of course changes the angle quite a bit. AAPL would need to go down to the low 500s to touch the line you drew, which seems extreme to me.
I tend to see a chart horizontally, with peaks and valleys at resistance and support levels. So I see horizontal support levels at 575 and 550, and 575 is holding so far.
Another "line" to look at is the flowing 50 day MA. Could be AAPL will do a classic bounce off that line at 567!
Quote from cactiman:
Some good points there. My only problem with an angled Trend Line is it gets very subjective as to what points it touches, which of course changes the angle quite a bit. AAPL would need to go down to the low 500s to touch the line you drew, which seems extreme to me.
I tend to see a chart horizontally, with peaks and valleys at resistance and support levels. So I see horizontal support levels at 575 and 550, and 575 is holding so far.
Another "line" to look at is the flowing 50 day MA. Could be AAPL will do a classic bounce off that line at 567!
Not a fan of most horizontal levels, mostly diagonals.
In any case I'm long AAPL from the 586.x area. However, I'm a short term trader.
Quote from cactiman:
The last 2 Channels for AAPL (in 2011) had maximum top to bottom ranges of around 15% (364.90-310.50) and 17% (426.70-353.02).
So if AAPL goes sideways for a while, a 16% average range would be 644.00-540.00. The uptrend wouldn't be broken if that were to happen.
We'll see.
According to EW (the only TA which I take seriously) it is in a B wave up (that may first go down to 550 though), so at least one more bottom (C) is due. After that it may continue the uptrend.
