Wednesday, January 12, 2011

AAPL Runs Up Against Resistance

AAPL has reached the upper channel line of the Andrew's Pitchfork from the December 2007 high to the January 2009 low and the previous major swing low.  The correctness of the median line positioning is shown by the two points of resistance in late 2009 and early 2010 and the two points of support in May and August 2010.

It would be surprising to see AAPL advance much further from here without a significant correction, but clearly the next major target of 350 is within reach.  AAPL may ring the bell when it hits 350.  This would also put a dent in the Qs since AAPL is currently weighted at 20% of the Nasdaq 100.

No comments: