MATRIX Penny Stocks

[livermore4ever]

AAPL Technical Update

Hi !

AAPL is on a Bull trend since April 2003, and it’s on ascending channel since last December, trading in a very technical way inside this pattern.

The main reference for this pattern is the ascending support, already with 6 contacts and positive reactions.

The medium and long term time frames are very bullish, but the short term time frame is having some difficulties since late June… The last 3 relative highs where down trending, making a new short term trend line, a descending resistance.

This situation is under control, but it’s very important to have in mind some important technical values:
- $30.50 (the ascending long term support)
- $32.50 (the descending short term resistance)
- $35.25 (the top of the ascending channel)

Overview:
With AAPL above the ascending support the Bull trend is under control, but a break down of this values could project AAPL to $26 price level.
The last contact with the support has generated a strong reaction, and also filled an open gap.
The next target for AAPL is 32.50 where I expect some reactions, but if it breaks this values, the way is opened to a new test on the top of the channel…

My Technical Chart for illustrating this Analysis:
http://globalspeculators.com/trading_futures/index.php?topic=22.msg116#msg116

My opinion Right Now:
I'm moderated Bullish, because I see this last contact with the support like a positive reaction, confirming the long term pattern.

Best regards,

Jesse Livermore
http://globalspeculators.com