Wednesday, 19 December 2012

Could the double bottom in APPLE prove bullish?

AAPL has held support at 500$ level. A double bottom could be forming at this level with potential for the stock to start a new upward trend after having finished a  correction from 700$ to 500$. Although it is too early to call a longer term bottom at 501$, lets take a look at the levels AAPL needs to break for upward trend to resume.

First level of resistance is found at 550$ and then at 594$. The form of the rising prices will also play an important role if this rise is impulsive or corrective.  If you follow us on twitter, you would be informed at late November when price candlesticks provided us with a bearish signal of a doji pattern at the 594$ area. Prices have plummeted almost 100$ lower. Now we observe the opposite of that situation. A doji might not have appearred, but this double bottom could prove very bullish if prices continue to rise impulsively. 501$ should be held at all costs for this scenario to be confirmed.

As always, thank you for taking the time to read my new post. For more help don't hesitate to contact me.

1 comment:

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