My last piece on Apple was posted several months ago here.
Several projections materialized after it was published:
1. For a potential false breakout, Apple will be capped by approx. 5% above the May high. Apple was capped there for a month before the news driven extra rush to $700.
2. Green support trend line break on the chart will indicate the bull party is over. Apple broken that trend line at $625 and dropped $100 since.
Here is the updated chart of Apple.
What should we expect next?
a. If Apple can move above the 570-580 area, it will move back up to 600-610 zone. i.e. the midpoint of the range marked by the purple horizontal lines.
b. On weekly and higher timeframes, Apple has a classic blow off top in place where it dropped 20% straight down. That implies the price of Apple will not be able to retest its all time high for a long time. How long? The pattern seldom results in any retest of the all time high within 5 years.
c. A long term decline is likely on its way. Best case scenario for bulls is a stair step drop with Apple bounces back up to $600 and above, then topping below $650, and continue to decline slowly and erratically.
d. Short term support for the price was the $525 to $530 area (lowest blue line). A retest of the zone from above that failed to hold the price on weekly closing basis will indicate further decline with target below $450.
Various Middle East stock markets are undergoing major selloff for the past 2 weeks, yet main stream media outlets have not mentioned one single word on their front pages or ...
Written by Lawrence Chan. All rights reserved. Note: Feel free to email me with your feedback lawrence@daytradingbias.com Index Page When You Have More Than One Trading Setup ...
This video is a very good condense summary why you should fix your trading mistakes immediately. One thing I like to add here is that sometimes the ...
Several days ago while Facebook was selling below $18, I was calling in my real-time chat that $17.50 should be the floor for the stock and that the goal is ...
Renamed the chapter names from just part 1, part 2, etc. into something more meaningful so readers can have some expectations knowing what they are going to read. I ...
Talked to many people lately who said they are now interested in buying a safe to put in their homes. Some of them heard the news about Japanese people have ...
Well, Apple and Samsung are the only smartphone makers making money at all, http://news.yahoo.com/apple-samsung-combined-pull-100-mobile-profits-q1-220049485.html My question is - why the hell the other companies like Nokia, BlackBerry, HTC, ...
What’s Next For Apple Inc.
My last piece on Apple was posted several months ago here.
Several projections materialized after it was published:
1. For a potential false breakout, Apple will be capped by approx. 5% above the May high. Apple was capped there for a month before the news driven extra rush to $700.
2. Green support trend line break on the chart will indicate the bull party is over. Apple broken that trend line at $625 and dropped $100 since.
Here is the updated chart of Apple.
What should we expect next?
a. If Apple can move above the 570-580 area, it will move back up to 600-610 zone. i.e. the midpoint of the range marked by the purple horizontal lines.
b. On weekly and higher timeframes, Apple has a classic blow off top in place where it dropped 20% straight down. That implies the price of Apple will not be able to retest its all time high for a long time. How long? The pattern seldom results in any retest of the all time high within 5 years.
c. A long term decline is likely on its way. Best case scenario for bulls is a stair step drop with Apple bounces back up to $600 and above, then topping below $650, and continue to decline slowly and erratically.
d. Short term support for the price was the $525 to $530 area (lowest blue line). A retest of the zone from above that failed to hold the price on weekly closing basis will indicate further decline with target below $450.
Share