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Friday, March 2, 2012
AAPL One-Minute Chart Descending Triangle
Here is a quick real-time chart for Apple, each candle represents one minute of trading so obviously it is only applicable for say the hour ahead, but notice the descending triangle. Let's see if the bulls can drive price higher to pull out of this dive. If the base line at 544.50 fails, the downside target is equal to the vertical side of the triangle, thus, 546.75-544.50 = 2.25; 544.50-2.25 = 542.25 target if the base line fails. So, see if the bulls or bears win in the minutes ahead. Current print is 545.18, bulls are trying to push higher and this is also the top rail of that tight sideways channel at 545. This is very important for AAPL, and the broad markets. Hold 545, or die.
Note Added 3/2/12 at 1:21 PM:AAPL fails the base line at 544.50, now back testing to make sure it wants to head lower, high drama, major decision for AAPL here at 544.50.
AAPL slowly drifting lower, though 544.5 remains a magnet. Given the 2+ month long up trend I don't think AAPL will just crash in a day, it will slowly roll over. Such momentum is hard to break intra-day.
ps: I wonder who's buying at these levels??? A 100stocks portfolio cost ya $55K... that's more than the average annual american income.
Hello Arnie, a 50% + move since December is parabolic rather than a long up trend. yes, she will not roll over in one day, but this is an ideal area for AAPl to roll over. For commodity stock tops, that routinely develop into parabolic blow-offs, the move down is typically as sharp as the move up, so say, perhaps the 420-444 area (a 100 drop) in a months time would not be surprising.
The pull back on tap is intriguing since 90% of funds, money manager, hedgies and institutionals own Apple stock. The effects may prove dramatic as the holders will probably not want to give up the juicy profits over the last couple months. 545 is key today, the fight continues. Would not be surprised to see AAPL roll over today still yet marking a temporary top. Who knows, when she pulls back it may lead to an epic market event.
AAPL slowly drifting lower, though 544.5 remains a magnet. Given the 2+ month long up trend I don't think AAPL will just crash in a day, it will slowly roll over. Such momentum is hard to break intra-day.
ReplyDeleteps: I wonder who's buying at these levels??? A 100stocks portfolio cost ya $55K... that's more than the average annual american income.
Hello Arnie, a 50% + move since December is parabolic rather than a long up trend. yes, she will not roll over in one day, but this is an ideal area for AAPl to roll over. For commodity stock tops, that routinely develop into parabolic blow-offs, the move down is typically as sharp as the move up, so say, perhaps the 420-444 area (a 100 drop) in a months time would not be surprising.
ReplyDeleteThe pull back on tap is intriguing since 90% of funds, money manager, hedgies and institutionals own Apple stock. The effects may prove dramatic as the holders will probably not want to give up the juicy profits over the last couple months. 545 is key today, the fight continues. Would not be surprised to see AAPL roll over today still yet marking a temporary top. Who knows, when she pulls back it may lead to an epic market event.