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Tuesday, February 26, 2013

Nice intra day... $aapl

I really want to get excited about AAPL right here.

Some nice intra day activity. If it holds, the action could confirm the bottom, and at the very least, start the process of forming a head and shoulders on the weekly chart.

This means the stock could be on its way to test the high 500s/low 600s. (Will post charts later.)

PS: seeing a report that Doug Kass sparked the reversal w/ a stock split tweet. The timing makes sense, but a split doesn't cause a stock to rally.


The intra day action saw a clear high value spike around 1:30 - 1:50pm

That break upward facilitated a firming up of the daily chart via a higher-low rounding bottom. 

If solid footing among the stock can maintain itself, there is a slew of obvious resistance markers on the weekly via the SMAs.  The first level of resistance points are the 10SMA, and the low 500 (pre-Q1 earnings level).  When sentiment shift, a simply shift that would facilitate the stock to be trading with a decent multiple, near 12-13, a the head-and-sholder pattern will emerge. 

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