Apple: Revisiting the Orchard
- Posted by Greg Harmon
- on August 20th, 2013
If you did not start a position in Apple, $AAPL, last week when I wrote Apple is Ripening, it may be time very soon. The topping action that looked like it might happen seems to have arrives. The Daily chart below shows the Shooting Star Monday confirmed lower Tuesday with a bearish engulfing candle. This cones with the Relative Strength Index (RSI) rolling lower as it has turned to being technically overbought. It also happened at the target of the Measured Move and 3 Drives around 515. A pullback now to 460-480 that holds, retesting the breakout level, would be an ideal long entry.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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