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Intervening Pullback for Apple Stock

Companies / Tech Stocks Nov 16, 2011 - 03:56 PM GMT

By: Mike_Paulenoff

After a recovery of $12.75, or 3.4%, from Tuesday morning into early trading today, Apple (AAPL), as viewed on our intraday point-and-figure chart, is taking a breather. Based on my pattern and momentum work, any weakness off of this morning's high should be considered an intervening pullback prior to the resumption of strength that propels AAPL to 398-402 thereafter.

My optimal pullback re-entry window is 385-383, with downside overshoot potential into the 381.50 area, ahead of the anticipated next up-leg.

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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