timwest

AAPL forming a short term reversal bottom pattern

Long
BATS:AAPL   Apple Inc
835 views
2
Apple has a short term bottom formation building.

The decline from 704 to 624 has set up a reasonable risk/reward trade to the upside to the 660-668 zone.

Volume patterns seem to indicate a confirmation of this pattern where less and less volume is seen on the declines.

Risk initially is to the 636 area with stops placed around the 632 area. Upside is to 656-660-668.

Cheers.

Tim

4:08PM EST , Wed, Oct 10, 2012 640.98 close
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Comments

Nice
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Ultimately it made it to 652 after falling to the 632 stop level. The loss was manageable. 641 entry to 632 exit on a long position. I neglected to do any follow up on this chart, so I apologize if I left anyone in the dark. Feel free to contact me if you want any follow up or questions.
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It ultimately reached the 652 area after re-testing the bottom of the base area. Longer term that has negative implications. It shows the sellers are increasing and the buyers are weakening, at the margin.
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Followed.
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Followed.
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Agreed.
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Followed.
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Followed.
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