Monday, May 03, 2010

Watch Apple Inc. (AAPL) For A Breakout


Above is a 60 minute chart of Apple Inc. (AAPL) and as you can see this stock is now forming a symmetrical triangle. What I like about this particular pattern is that once the stock actually breaks out, the move is usually violent and fast moving which can make for quick profits providing you are on the right side of the market.

I normally trade symmetrical triangles in the direction of the dominant trend which in this case is up but given last week's negative stock market price action, I will consider trading this stock from the short side as well if Apple Inc. does break to the downside

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