Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, December 28, 2015

AAPL Needing Buyers at Lower Line of Short Term Channel

AAPL took a hit in Monday's trading at a point in its chart where many were looking for it to start lifting quickly.  Falling oil prices being the culprit, of course.  Nonetheless, it is looking weak at the lower line of its year long red downhill channel.  

Click on image to enlarge

Looking at the lower weekly chart, we can see that AAPL dropped out of its long term blue line channel a couple of weeks ago which would normally be a death blow for many stocks but Wall Street set up the gray line shadow channel to save AAPL during any breaches of the long term blue channel as it did throughout 2013 and more significantly during the mini crash this past summer.  Having such a prominent safety net should give AAPL bulls some ease over the next six months. 

Trade well my friends


Blog Archive