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.
Saturday, May 30, 2009
AAPL weekend update
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