Sunday, December 16, 2012

Apple Obsession

For years people have been obsessed with this company, its products, and its stock. And for the last 90 days I have been obsessed with its weekly chart.

Weekly 34 and 89 EMAs (both Fibonacci numbers) supported the price for most of the past eight years. Slow Stochastic is scraping the bottom, and is sitting just above the long-term horizontal support.

I am still expecting a respectable bounce in this $500 area, which should provide upside bias for SPX.

click on chart to enlarge

No comments:

Post a Comment