“My big-picture trading-pattern work argues that Apple completed a major move up from its $55 (post-split) low April 19, 2013, to its $136.20 all-time high April 27, 2015,” Mike Paulenoff writes for MarketWatch.
“Action in Apple’s stock since April’s record high has taken the form of a large, sideways, so-called coil-type digestion pattern, which my work indicates is at or nearly completed ahead of a big increase to the upside,” Paulenoff writes. “As long as coil support at $114.22 to $111 contains weakness, watch for Apple to test and hurdle $136.20 to new highs.”
Paulenoff writes, “This bullish view is supported by the fact that the post-April digestion pattern has unfolded in the upper 40% of the prior two-year bull leg (ignoring the Aug. 24, 2015, tail from $104 to $92).”
More technical trading gobbledygook in the full article here.
MacDailyNews Take: Yeah, but what do the entrails say?