“Apple has missed several recent chances to break above resistance, and last week I cited a potential bearish formation developing on its chart,” Bryan McCormick reports for optionMONSTER via Yahoo Finance. “That pattern has evaporated, however, and today a bullish one may be replacing it.”
“The pattern isn’t active yet and won’t be until it breaks above resistance, shown by the red horizontal line at the $396 area,” McCormick reports. “A move above that price would trigger the formation.”
More info and the chart in the full article here.
[Thanks to MacDailyNews Reader “jmmx” for the heads up.]
Last week when the price was low, I detected a bearish pattern. Today, after it already rose almost $14, I detect a bullish pattern. Buy high, sell low. I love technical analysis.
There are people that swear by technical analysis. I am not one of them.
Every TA analysis I have read gives both up and down scenarios as possibilities, if this or that happens.
I can do that flipping a coin.
Yeah, the whole charting thing is either bullcrap or bearcrap, depending on your perspective. If charting actually worked as a predictive tool, then it wouldn’t work because everyone would use it. In an irrational market, the only tools that work really well are those that provide a competitive advantage – direct access to rapid trading for latency arbitrage, insider information, market manipulation, etc. As usual, the semi-legal or illegal stuff works the best.
Meanwhile, you can loan your money at less than 1%, or borrow money at 5, 10, 15, or 20+ times that rate. And, still, the banks are not making enough money…damn greed.
If you take the time to do a PLUM analysis, you can spot the threshold (+-PBAJ towards BUN) above which the bulls clearly beat the bears.
All bullshit. They look at past charts and see double heads, heads and shoulders, descending triangles, double bottoms, their own feces, their grandmothers underwear, Jaws, Billy the Kid, Flipper the dolphin … whatever.
lol. You got me at feces.
don’t drag Flipper into this.
Right im going to have a crack at fixing that head line.
Apples chart nearing bullsh*t pattern – aka I have no idea what I’m talking about, but putting apple in the title will score me some hits.
What about the cubs and the white sox?
This is stupid. Come on. “Nearing a bullish pattern?” What kind of horse dookey is that? If you can already tell it’s nearing a bullish pattern, isn’t that itself bullish? Come on Bryan, come out and admit that you have no idea what you’re talking about.
Reading patterns disregards a number of essential elements out there any of which can affect the ‘pattern’. What about world markets, if they tumble, Apple tumbles? What about the unexpected appearance of FUD…e.g. an antenna problem? And so on and so on….
May as well use tea leaves, or better still, toss frozen dog turds in the air and see what the predictive pattern is when they land on the ground.