November 26th, 2014
Published Daily

AAPL – Apple Computer (Last:626.52)

by Rick Ackerman on October 23, 2012 3:02 am GMT

Apple blew past minor pivots yesterday like an armor-piercing projectile, implying buyers are eager for more. They put a bullishly impulsive finishing stroke on the day’s final bar (see inset), peaking within a cluster of ‘external’ peaks from last Thursday that could prove useful to camouflageurs.  A buying opportunity might look something like the one I’ve sketched. Please note that you may need to trade off a 24-hour chart with night bars to take advantage of such a development, and that night bars can often be flukey.  ________ UPDATE (11:03 a.m. EDT):  The Dow Average, down 236 points at the moment, is the tug-of-war winner today. It has dragged Apple $7 lower, but the stock is nonetheless showing resilience — so far by going no lower than a ‘p’ midpoint support of a minor corrective pattern (5m, a=635.38, b=623.52).  The midpoint lies at 623.85, just 5 cents beneath the so-far intraday low, but if it’s breached, expect the stock to continue falling to at least 617.92, the midpoint’s ‘D’ sibling. Click here for a free trial subscription that will allow you to join the fun in real time.

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