On April the 19th the Power of the pattern suggested that a “Turn around” was due and to buy Apple because of the Triple support below and very few investors were bullish at the time. (see Stocktwits post here)
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In the 6 business days since the suggestion for a bounce in Apple, it is has made just 2% less in those 6 days than the S&P 500 has made this year! At the time of the suggestion to buy Apple only 35% of investors on Stocktwits were bullish this stock.
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The above updated chart reflects that Apple has bounce off the triple support and is now testing resistance line (2), that it has had trouble with since its all-time highs back in September of last year. The $30 rally in Apple has made a few more investors bullish, now 57% bulls, up from 35% 6 days ago.
A break of line (2) would be a big plus for this stock and the NDX 100! If you’ve enjoyed the rally over the past 6 days, the least you would want to do is bring up the stops to protect gains. Again, a break of line (2) that has been in place for the past 8 months would be a plus for Apple, would surprise many and odds are high would see more buyers step in!
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