AAPL has bounced about 10% since reaching our 144.48 target back on Jan 3 [see: AAPL Cracks the Market.]In the process, it has completed a bullish Inverted Head & Shoulders Pattern — which it has, so far, declined to take advantage of. This is a very interesting development, as the stock has rarely failed to capitalize on such patterns in the past.
As we’ve documented over the years, AAPL is a veritable poster child for pattern manipulation [see: Engineering AAPL’s Breakout.] The primary tool has been the buyback, which begs the question: will the current overhead resistance fall victim, or is there something more bearish at play?
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