Shooting star candle stick pattern.
In the recent days, AAPL has jumped from the lower line (support) of the bullish channel to a huge break out above the upper line (resistance) of the channel. This break out has broken through multiple other resistance lines, and now making higher highs (highest highs actually). This has been fueled by:
(1) New product releases / upgrades (Iphone / Ipad), although not official confirmed
(2) Icahn's and Soro's new long positions in AAPL. The fact that Icahn has made a public announcement on twitter is a sharp contrast to Cook's quiet management style, and is given some investor a refreshed look (and hope) at the company.
Overall the chart is very bullish. There is no doubt that we are on the path up. The question is, in the short term, can this bullish trend sustain? We are already in the over buy territory. The shooting star can be suggestive for a bearish reversal (at least in the short term). I think we might see a pull back into the $480's zone, which would be in the middle of the channel, before we resume our march forward.
Disclaimer: I am long AAPL
In the recent days, AAPL has jumped from the lower line (support) of the bullish channel to a huge break out above the upper line (resistance) of the channel. This break out has broken through multiple other resistance lines, and now making higher highs (highest highs actually). This has been fueled by:
(1) New product releases / upgrades (Iphone / Ipad), although not official confirmed
(2) Icahn's and Soro's new long positions in AAPL. The fact that Icahn has made a public announcement on twitter is a sharp contrast to Cook's quiet management style, and is given some investor a refreshed look (and hope) at the company.
Overall the chart is very bullish. There is no doubt that we are on the path up. The question is, in the short term, can this bullish trend sustain? We are already in the over buy territory. The shooting star can be suggestive for a bearish reversal (at least in the short term). I think we might see a pull back into the $480's zone, which would be in the middle of the channel, before we resume our march forward.
Disclaimer: I am long AAPL