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Apple Inc. Message Board

  • keybotthequant keybotthequant Mar 7, 2013 7:16 AM Flag

    AAPL Weekly and Daily Charts and Technical Analysis -- Bounce is Coming

    Keystone through his hat into the ring for Apple opening a new long position. This morning the bashing continues in the media outlets with many calling AAPL a washed-up has-been. You know what happens when the consensus grows so negative. The green falling wedge places price at the apex right now ready for a launch. The oversold conditions indicate that a turn-around to the upside is near and the positive divergence (green lines) want to see a launch occur. However, note the MACD line on the weekly that remains negatively sloped. The other indicators want to see a bounce in Apple right now but the MACD line will want to see price come back down once more to firmly place a near-term bottom. The money flow on the daily chart also hints that price will need to come back down after a short pop before then firmly heading higher.
    The weekly chart shows an H&S with head at 705, neckline at 520-ish, so the lower target is 335, call it the 300-340 zone, for the weeks and months ahead, perhaps as Labor Day and the holidays approach. But for now, the bulls should have a few days, couple weeks, or a month or so, of upside ahead. Keystone's 80/20 rule says 2's lead to 8's, so a break of the critical 420 support will likely lead to 380. Thus, an additional scale-in for the long position, if the trade goes south, can occur at 380-ish. At this juncture, the expectation is that 420 support holds. Price may take a sharp intraday drop to 410 or 405 but may immediately recover in minutes, making this action, should it occur, a very nice low point to snag right now.

    Comments are not copying over properly, more analysis on the site.

    For the Apple charts use search box above for Keystone Speculator

    Sentiment: Buy

101.32+0.74(+0.74%)Aug 22 4:00 PMEDT

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