AI
Wednesday, February 03, 2010 4:23:32 PM
Follow-Up/Day Two: AAPL - Fib Target Met; RSI Looks Toppish:
(See link above for prior TA)
AAPL reached its significant target today, which we have set at the significant Fib's level of 38.2% retracement, or $199.93.
In fact, bulls pushed the highest candle shadow to a high of $200.20, but bears riposted to a close of $199.79 before starting a renewed decline. A remarkable thing about technical analysis is not that the price walked into the footsteps of the Fibonacci levels, but that such an ancient methodology works til this new decade.
We also discussed that once that Fib level would be reached, the chance of a downward continuation would increase.
As of this close of trading day, 14-RSI failed to reach over the 60-level, indicative that its recent rally from below 30-level should now confirm a bearish reversal signal for AAPL. Therefore, the probability of any further incursion above today's high has become extremely low.
AAPL - 30-Day, 60-Minute Chart:
- Dalcindo
(See link above for prior TA)
AAPL reached its significant target today, which we have set at the significant Fib's level of 38.2% retracement, or $199.93.
In fact, bulls pushed the highest candle shadow to a high of $200.20, but bears riposted to a close of $199.79 before starting a renewed decline. A remarkable thing about technical analysis is not that the price walked into the footsteps of the Fibonacci levels, but that such an ancient methodology works til this new decade.
We also discussed that once that Fib level would be reached, the chance of a downward continuation would increase.
As of this close of trading day, 14-RSI failed to reach over the 60-level, indicative that its recent rally from below 30-level should now confirm a bearish reversal signal for AAPL. Therefore, the probability of any further incursion above today's high has become extremely low.
AAPL - 30-Day, 60-Minute Chart:
- Dalcindo
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