February 20, 2011

APPLE Weekend update

  • Apple made a high of 364.9 last week and started correcting from there. 
  • Daily chart shows price getting resisted at the resistance line of a channel formation. Price is moving towards the lower part of the channel.
  • There are few support areas that bears need to break before moving towards the bottom of the channel. 348 is a support area in daily chart. Price has halted on the 20 day moving average on Friday. Break of 20 dma and 348 may push price down to the bottom of the channel and give 341 levels as target for next week. If price gets support at 348 and 20 dma things will favor bulls again.

1 comment:

  1. Short the Euro and GBP (aka Fiber and Cable), see charts for strong resistance.