Still keeping my Apple short over the weekend as the resistance line is becoming more and more defined. During the first two hours of trading today I really thought that the bulls won the better hand, noticeable by the long upper shadow on the candlestick. But after those two hours the buying interest just faded and Apple ended up closing lower falling right below the $123.50 resistance line.
Based on today’s price actions, I believe the Bulls really became discouraged and I would not be surprised if they gave in and sold off next week.
2 comments:
AAPL is so beloved with a devout following, as is GOOG. Both are decent indicators of overall market sentiment, especially tech & QQQQ, and especially to the upside of the market. As of Friday, AAPL had broke down, but leveled off. So will be curious to see what Mon & Tue brings for the short term fate of AAPL.
They really are. Monday & Tuesday is going to be a very exciting battle to watch. I think it was Steven's Place that mentioned 40/100 stocks in the NASDAQ 100 has broken the upward trend line. Apple and Google is one of them I guess. Now its time to find the retracement level.
Post a Comment