Apple Due for Profit-Taking
Companies / Tech Stocks Feb 09, 2012 - 11:13 AM GMTBy: Mike_Paulenoff
Apple (AAPL) has rocketed into a French Curve upside vertical assault right to its upper channel zone between 480.00 and 488.00, which should put a lid on the current up-leg from the Jan 24 low at 419.00.
Allowing for a 1% overshoot beyond the upper channel line at 488 -- which puts it into the 492-94 area -- my work argues that some profit-taking in AAPL is warranted "up here."
A decline should press the stock towards 460.00.
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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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