Look at past three months of trading for AAPL. Do you notice something? AAPL has clearly made a double top near $205-$210 price range and has been consolidating since then, making a tight triangle pattern.The lower trend line is at $190 range and the upper trend line is at $200 range. If AAPL breaks $190, then the bears will control this stock. Also, take a look at the volume in the same time period as the triangle pattern formed. There is definitely a decrease in volume. Coupled with double top pattern, triangle patter, and decrease in volume, we can predict AAPL’s next move, which is head much lower. Which direction do you think AAPL is headed?
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2 comments:
well.... today is the 24th and it's looking to break 210 this side of the new year for sure. Where do YOU think it's heading?
AAPL Bull,
Thanks for your comment. Since AAPL broke the descending triangle upward above $200, I think now AAPL is headed higher. I still think it is critical for AAPL to break $210 level and close higher for it to continue its trend upward. If not it could retest $200 level again. Good luck trading AAPL!
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