sublimares2
Long

AAPL- consolidating for a move higher

BATS:AAPL   APPLE INC
1153 14 7
AAPL             - cup with handle pattern- in the consolidation fase. Breakout above the resistance line $511.
Earnings: Oct 18
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Thnx for the chart . may apple go up but it is a wrong pattern because the cup and handle pattern appears in up trned and what u have now is a down trend .
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sublimares2 hussain9
Much appreciate it- can you draw a chart pointing out exactly what are you saying? Ty
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hussain9 PRO sublimares2
u can open this link to c what Im pointing to . http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_cont
and already u r coming from a down trend from a price above than 600 . thnx for ur nice answer and at the end u still a an excellent trader .my regards
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sublimares2 hussain9
please do a chart and post it- this is what I am looking for- thank you
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sublimares2 hussain9
snapshot
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hussain9 PRO sublimares2
its shape like a cup and handle but the main trend is down so its against the rules .
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sublimares2 hussain9
Thank you- take a look at SVU, DANG, only to name a few. Case closed here. Wish a great day
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sublimares2 hussain9
Good idea to look at the chart in different timeframes. AAPL is bullish. I will not disclose the whole pattern at this time (witch will make sense the above chart) but in few weeks it will be available. It depends on how fast is going to reach the key shake out area.
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in my opinion, cup or not cup price action says it wants more up,. only resisting factor on my charts is RSI trendline on weekly chart acting like current resistance. But it should break it because prices are going to 540 at least, after sublimares target 640, and maybe 700+ area but hard to say until hits 540
snapshot
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This crawl upwards is not doing anything for option traders
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I agree with Hussain. Cup and handle should be in an up trend as it shakes off weak stock holders and more buying happens in the handle. I do see the pattern here though. I'm bullish on AAPL too, I'm waiting for a breakout. The main reason being the 50 day MA crossing over the 200 day MA recently and I think the two bottoms in April and July formed somewhat of a double bottom. I'll be looking for calls with mid 2014 expiry at $600 strikes.
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Its definitely not a cup and handle. This pattern is called a "Booty Call" named after a nice rounding bottom.
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