Home > charting trendlines, Financial Ponzi, investing, technical analysis > Apple falling wedge still in play?

Apple falling wedge still in play?

Apple has broken under significant price support in the $430 area.  A case can be made that this warns of a much bigger drop to follow.  There is also a case to be made that a “falling wedge” is still in place for AAPL.  A falling wedge is usually a bullish price setup, if the stock can break to the upside of resistance.  AAPL is closing in fast on the bottom support level for the wedge.

2013-04-17-AAPL_CHARTS

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  1. Draft
    April 18, 2013 at 11:50 pm

    Did apple break support of this wedge today? It appears so.

    • April 19, 2013 at 10:18 am

      Yes, it did break under the bottom trend line of the falling wedge. We’ll see if AAPL can rally back to within the range today. If it does, it might look pretty bullish on the weekly chart as it’d be at support and with a little bullish “wick” that might indicate a bottom. At least short term. I am (still) long AAPL for the moment… waiting to see how this week end. I am short QQQ, due to its potential head-and-shoulders and as a hedge against my long AAPL play. So to some extent, I’m trying to play both sides of the same coin.

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