Tuesday, January 24, 2012

Charting AAPL - Part II: Time to Sell

On Dec 22 I said that AAPL may reach $450 - 460 at the top of weekly channel. Well, it is at $452 in afterhours trading as I type (at 5:40 pm est.)

At this time I feel that trade objective has been met, and if AAPL opens between $450 and 460 tomorrow morning, it will run into upper trendline resistance and may start its pullback to the bottom of weekly channel.

Those who are long may want to sell some of their position and move the stop on the rest to just below the bottom of weekly channel. Congrats!!
Some brave souls may initiate a short at 450 - 460 level.
click on chart to enlarge

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