“Trade-Ideas LLC identified Apple (AAPL) as a ‘water-logged and getting wetter’ (weak stocks crossing below support with today’s range greater than 200%) candidate,” TheStreet reports.
In addition to specific proprietary factors, Trade-Ideas identified Apple as such a stock due to the following factors:
• AAPL has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $6.3 billion.
• AAPL has traded 33.8 million shares today.
• AAPL traded in a range 213.9% of the normal price range with a price range of $4.97.
• AAPL traded below its daily resistance level (quality: 181 days, meaning that the stock is crossing a resistance level set by the last 181 calendar days. The resistance price is defined by the Price – $0.01 at the time of the signal).
“Stocks matching the ‘Water-Logged and Getting Wetter’ criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility,” TheStreet reports. “Trade-Ideas targets these opportunities because the stock is exhibiting an unusual behavior while displaying negative price action. In this case, the stock crossed an important inflection point; namely, ‘support’ while at the same time the range of the stock’s movement in price is twice its normal size. This large range foreshadows a possible continuation as the stock moves lower.”
Read more in the full article here.
MacDailyNews Take: Every day, lately, AAPL looks ever more enticing.