“Apple Computer (AAPL) hit an all-time high at $45 in February and pulled back in a deep correction. It found support in the low $30s and charged back to the high in July. The stock consolidated below that level for a month and then broke out seven bars ago. This is a legitimate rally that should yield an uptrend lasting weeks or months in duration,” Alan Farley writes for RealMoney.com.
“The stock is now pulling back in a bull flag pattern. Things could get a little choppy ahead of the Labor Day holiday, but it looks like a decline below $45 would mark a good entry price,” Farley writes.
Full article here.