The chart below was posted on 6/21, which reflected a VERY POSITIVE repeating bullish pattern in Apple was taking shape.
At that time a key vote in Greece was taking place and I wondered if the excess negative news from Greece could be reflecting a low in the markets. (see post here)
As the bullish pattern was taking shape in the bull market leader Apple computer and I ask which was more important, the news from Greece or the price action of Apple? (See post here)
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Apple is up over $40 per share, in less than a month, since it hit support at (2) above! Below is an update to the chart above….
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Apple is now working on another breakout at (2) in the above chart. For those that are long Apple this is a good sign.
If Apple can move a little higher, a new set of legs should be in place and Apple should move a great deal higher!
Aaron…As you can see Apple seems to be in world of its own. Can Apple move a ton higher if the broad market remains soft? Odds are low, yet the price action remains a positive inside of this long-term rising channel. Apple price action was outstanding at channel support and remains acting well at this time.
I remain my boring ole self….buy on support, look to harvest at resistance and buy breakouts. This applies to Apple and the same with the Gold and Silver charts of late. Do we every really know why these breakouts/breakdowns happen? I don’t yet I am comfortable with following them!
Chris, you have made great calls on AAPL since it last bottomed around 315 and it’s been a great ride up so far. They report earnings after the close tomorrow. Other than charts, do you look at PUT/CALL ratio’s and the options pit for AAPL to see where the institutions are hedging in your recommendations?
Would you overweight tech in general based on an Apple breakout?
Would you also close out your RWM position?
Thanks,
Aaron