Saturday, May 30, 2009

AAPL weekend update

The bounce off lows from the Friday before the U.S. holiday of Memorial Day started the day after the holiday, Tuesday and continued through the week. There was a break of the lower trend channel last Friday when AAPL closed in the 122 area but absolutely no follow through and in fact a long bullish candle after the holiday. Trend continues to be up, though if you missed the lower levels, might be a good idea to wait for another pullback. There are parallel lines in this upward channel which suggests a peak around 145-150 so if you are at least break even now, make sure your stops are set right to avoid a loss. I'm not currently in this trade as I missed it, but am looking to make some moves soon. I'll share that when I do, but for now am still following AAPL and will update a few others later in the weekend before trading opens Monday. For now, I'll share a chart of Apple before I hit the road.

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