Apple Head and Shoulders
Updated
Okay, not a very good one. Nonetheless, will be watching Apple this week to see if it can stay above $440. Lots of volume following positive earnings, but it quickly fell off. The volume just isn't there in the head formation ($440-450). BUT, we may see an uptick this week and test previous resistance levels. Right now, I'm thinking the price will fall back into the previous channel and form the right 'shoulder.'
Note
Right shoulder almost complete.Note
Would love to see a nice 2-3 month consolidation at these prices.Note
Selling volume yesterday pushed us down into the right shoulder as I was expecting. Big spike in volume during the last 15 minutes of the day yesterday brought out the 'buy-the-dip' crowd. But a nice surge of buyers followed suit in morning today. Volume weak/below avg across the days session so far. Will be watching this stock last 30 minutes today. May be an interesting opportunity to enter a position for a potential gap up to $457 tomorrow. Otherwise, expecting to deflect from $435 ceiling.Note
Correction: $453 ceiling.
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