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Strategies & Market Trends : Classic TA Workplace

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From: Henry J Costanzo11/23/2012 5:38:47 PM
4 Recommendations   of 209821
 
AAPL TA update…

Positive developments:
…..A key 1-day reversal last Fri 11/16. on very heavy volume, suggesting a capitulation low in place..
….Confirmed by a decisive follow-through break of the two DT lines from Oct and Nov, undeterred by substantial R at 535 and 555, and moving up to a third overhead R area around 575..
…..A positive RSI divergence; with RSI not confirming the 11/16 price low and breaking its DT from Sept..

Price now approaching the major DT from the Sept ATH, while possibly forming a bullish flag/pennant since Mon, completion of which would assure and confirm a major trend reversal..

BTW…the action last week was sufficient to warrant removal of any protective put hedges previously established..

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