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Strategies & Market Trends : Classic TA Workplace
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From: Henry J Costanzo1/5/2013 12:06:45 PM
3 Recommendations  Read Replies (3) of 209892
 
AAPL update..

I have noted in recent updates what I thought looked like signs of possible stabilization and potential trend reversal..These have led nowhere, however, and no getting away from the fact that AAPL remains in a decided, unbroken, major downtrend…

Confess that...although I have stated many times that each chart must be judged on its own merits…I have been influenced in my thinking by the fact that I was expecting a broad market upturn which I mistakenly assumed could not take place without the participation of AAPL…The broad market upturn in fact occurred…as expected...back to the area of the Sept highs….without AAPL's participation.

Last week, AAPL:
…..rallied modestly but was turned back by resistance at the the major downtrend line..
…..moved above its last 2 minor downtrend lines formed in Dec…with some expanding volume.
…..formed a bearish island reversal ..

Under these circumstances, the ongoing downtrend must be expected to continue... until/unless the major downtrend is decisively breached and with a substantial upsurge in volume…That would require a move next week which would have to exceed 549 on Monday…and lower levels …as the DT line falls...down to 542, by Friday.

Overhead resistance areas now appear to be at the 549 trendline value on Monday, and then 552ish and 572ish.

Caveat emptor…….-vbg-


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