Thursday, April 10, 2008

AAPL Support Bounce

With 90 minutes before closing, AAPL is bouncing off support and showing a bullish engulfing pattern in an uptrend. Watch for end of day confirmation. Earnings are scheduled for release on April 23.

2 comments:

Anonymous said...

Hi Dave,

Thanks for heads up. I usually pass on something like this when the MACD are rolling over so much and the price has already moved up significantly.

- Steve

Dave Johnson said...

You're welcome! Since the MACD is a lagging indicator and reacts to price,I have not found that to be an impediment to a technically sound short term support bounce. Ironically the MACD histogram was turning down on March 28 after AAPL had already risen $23...the falling MACD couldn't keep AAPL from rising $17 over the next 6 trading days. Whatever you do follow your rules!