timwest

AAPL forming a short term reversal bottom pattern

Long
BATS:AAPL   Apple Inc
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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