Thursday, May 06, 2010

Apple Inc. (AAPL) Downside Target Reached


As you know I've been bearish on Apple Inc. (AAPL) as well as the stock market based on technical considerations.  Three days ago I posted about the symmetrical triangle that was taking place in AAPL and that we should trade the breakout of this triangle; Well today the downside objective has been reached. If you take the height of the triangle and subtract it from the entry point, you will arrive at the target you see in the above chart.

Apple Inc. (AAPL) has been in a very strong uptrend so taking profits at the above level I think is a wise decision. AAPL closed today at 246.25 down 9.74 from yesterday's close.

3 comments:

Samster said...

Hey Kevin, Apple is currently at 241. What is the next support level? Thanks!

Polly said...

Kevin, you have made some very good observations about APPL. I like your way of thinking.

R said...

Apple has surprised a lot of naysayers.... I don't doubt your analysis.... would be good if you could predict a change and a possible time range going forward...

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