Tuesday, December 07, 2010

Apple Inc. (AAPL) - Bearish Engulfment



Today Apple Inc. (AAPL) gapped open higher above the recent trading range but failed to hold onto its gains. By the close AAPL moved into negative territory closing on its low.

Today's price action formed a technical pattern known as a bearish engulfment formation which is a reversal signal. The fact that this pattern takes place at recent resistance adds to the reliability that we may see Apple Inc. experience some selling pressure in the days to come. A move below today's low will confirm the pattern.

Apple Inc. (AAPL) closed the day at 318.21 which was down 1.94 from Mondays' close.

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