Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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To: chowder who wrote (2879)	3/19/2005 1:26:17 PM
From: kodiak_bull	Read Replies (1) of 13449

AAPL looks like a dangerous stock to me: It made a high of 45.44 (right before its stock split), then fell off and made a lower high the day after its stock split, fell off for 6 straight days, creating a lower low. Friday's short legged hanging man, if it sells off on Monday would be a 2nd lower high, signalling the possible beginning of a downtrend which would take out the previous low. As you noted, support is far below, I can see something around 35, 33 and then it's down to 30 and 26 (using previous resistance as support and rough Fibo numbers from the September rise. I don't particularly like to pick downside targets, it follows calling tops and calling bottoms in the list of irresponsibilities in my book, but it is helpful to gauge how far a position might drop. To me, if the pattern on Monday confirms, you could begin to analyze the best way to play a 4-8 week drop for AAPL to below the $40 level. Kb

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