Wednesday, July 22, 2009

APPL - Upside Objective Reached



One week ago I posted about AAPL and why I liked it. Basically I was impressed with the stock's relative strength as well as the symmetrical triangle. As you can see in the above chart, AAPL reached its upside objective today when the stock traded 158. If you take the width of the triangle and add it to the breakout point, you will arrive at approximately 158. Symmetrical triangles are one of my favorite patterns to trade because the moves are often swift and accelerated. You can read the original post from last week by clicking here.

1 comment:

Joe said...

Kevin,

Could there be a quite big and symmetrical triangle forming in GLD, starting with the high base in Fabruary? - I understand we should be waiting for an upside break before taking any action, but is this not worth watching?

Thanks, Joe

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