A Brief Note on $AAPL

I last discussed $AAPL back here. I indicated an important level on the chart and when we got to it it produced one of the most ridiculous rallies Apple has seen in ages.

As it turns out, we’re back at the trend line now, this morning:

AAPL

It is part of this larger channel:

AAPL

Support here and a powerful rally would indicate to me that this channel has been a running accumulation channel. It’s a very bullish structure and would imply an extended rally of very great duration (many months). I believe this is more probable.

Failure here would imply the opposite. Poking below the channel is acceptable so don’t freak out if it does that (it could be a bear trap), but sustained presence (few days) under the lower trend line will begin to signal catastrophic failure. I believe this is less probable.


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