Last Friday, we covered a WSJ report that stated:
For traders who follow the century-old Dow Theory of market analysis, a pattern of successive lower peaks and lower troughs is a defining characteristic of a downtrend. To break this pattern, and to get technicians to think a sustainable rally is possible, Apple would need to close above the March 25 closing high [$463.58].
That was four trading days ago, when AAPL closed at $417.20. At the time we remarked, “Less than $50 bucks to go!”
Today, AAPL closed up $6.23, or +1.42%, at $445.52. Since hitting a 52-week low of $385.10 on April 19th, Apple shares have gained $60.42 in the last 10 trading days.
MacDailyNews Take: Less than $20 bucks to go!
Apple’s bounce doesn’t impress technical analysts – April 26, 2013