“According to Gordon, Apple has actually fallen into a “corrective support,” where the stock is sitting in the middle of an uptrend parallel channel, suggesting it is neither overbought nor oversold,” Pei reports. “The upper limit of that channel, says Gordon, is around the $185 to $190 level, which he says Apple could reach this month. That’s about 8 to 11 percent move higher from current levels of around $170.”
Pei reports, “His positive outlook on Apple lies with the stock’s near-term moves. While earlier this week Apple had slid back to the late October support level of $165, he does see ‘a three-step pattern’ that suggests the stock will soon bounce higher.”
Read more in the full article here.
MacDailyNews Take: Technical trading discounts so much other pertinent information that we find it difficult to trust.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]