May 15, 2012

APPLE Chart Analysis

  • Price in daily chart is near the apex of a contracting pattern which may result in bigger moves on breakout.
  • Apple daily near support level of 555. If price gets support here an up move possible.
  • Crucial support for this week is the 20 Week SMA and 38.2% Fibonacci level. Breaking 555 should take Apple towards 20 Week SMA.
  • Hour chart sustaining below the hourly cloud will favor bears of Apple.
  • For bulls price has to sustain above 578 for a turnaround in favor of bulls.

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