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Strategies & Market Trends : Classic TA Workplace

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To: MGV who wrote (202337)3/24/2013 11:30:03 AM
From: Henry J Costanzo3 Recommendations  Read Replies (1) of 209821
 
AAPL…On Friday, FINALLY broke the major 6 months' downtrend…..but not without a few questions as to the validity of the breakout...

The breakout did not meet the usual TA rules regarding confirmed decisive breakouts.. either in extent (the 2-3% usually expected) or in volume ( a sharp upsurge)..I estimate the extent of the breakout price move at just over 1 %, and volume for the day was up only about 2%.

However….if extent and volume were deemed acceptable...last week's action can be viewed as having completed a bullish pennant measuring to about 486, which would roughly correspond to the next potential overhead chart resistance area..

Hopefully the foregoing questions will be clarified promptly next week, but as of now, my inclination is to give AAPL the benefit of any doubts and to conclude that: a valid trend reversal has been signaled, which now points to a leg up toward 485ish..
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