Juan wanted me to take a look at Apple “into the January quarter” so I thought I’d post the weekly chart:
Apple bulls who are long from much lower don’t have anything to worry about just yet. It’s up about 80% from the July lows so it could certainly be subject to some healthy profit-taking.. Ideally, I’d like to see the the January highs ($86) become support but I think it could retrace all the way to 75-ish and still be healthy.
Thanks Mike,
Interesting and very valuable. A rising bearish wedge is difficult to trade. I think the pattern would be more symmetrical and bullish if not for the somewhat forced fall to 50,16 last july. (tempted to draw the lower line from 57) But that low is there and should be taken into account.
In the coming weeks I will be looking for confirmation of this bearish wedge and weakening momentum and money flow to determine the timing of selling and forward switching of my Leap positions. I will be looking towards the january high ($86) as an interesting support to fill the orders.
Juan de la Bruyere