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*** These days I post my charts/thoughts on under the same user name BreakoutTrader *** "Charts are worth a million words." - Ralph Acampora "Having learned what folly I was capable of, I closed that particular incident." - Reminiscences of a Stock... More
  • AAPL Apple: On The Move 0 comments
    Feb 9, 2012 6:00 AM | about stocks: AAPL

    Apple (NASDAQ:AAPL) had a good day today; it was up 1.7%
    while the market S&P 500 was up 0.2%, QQQ ETF was
    up 0.5% and XLK ETF was 0.6%. It appears that
    AAPL may be on the move again.

    The following daily chart shows Apple's price actions
    since late July 2011. Most of the time, AAPL has been
    in bullish mode as identified by those green and white
    up bars in our trend indicator on the first pane. The
    latest bullish trend started on 12/5 after a brief period
    of bearish trend (red and white down bars) in November


    The second pane shows during that period, AAPL has
    also been stronger (green dots) than the broder market
    S&P 500 index.

    AAPL's actions yesterday and today (2/8) have moved
    the stock above the while up-trending channel drawn
    on our previous posts. It is therefore possible that
    AAPL may pull back for short term to fall back into the
    channel. However, a new and wider up-trending
    yellow channel drawn today shows AAPL is still below
    the middle line of the channel and has lots of room
    to go.

    An encourging sign of today's action was the
    above-average volume as shown in the
    following chart. This shows there are fuel behind
    today's move.


    AAPL was in a $70 trading range from September 2011
    to mid-January this year and broke out of that range
    the week of 1/23. We think AAPL still has lots of room
    to move up and may be in the early stage of a parabloic
    move. Based on the new channel, a $500 target, 5% from
    today's close, should be within reach if the general
    market does not turn bearish and drag AAPL down
    with it.

    Disclosure: I am long QQQ, SPY, AAPL.

    Stocks: AAPL
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