Apple: Last Move Up Above 600

05/09/2014

Apple: Last Move Up Above 600

	Next few days
Trend	Up
Action	Buy
Trend reversal	75%

Key reversal level		Below 550

The trend is likely to reverse when the trend reversal is 75%. A breach of a key reversal level implies a neutral position.

Target: 630

Best risk/reward trade: Buy in the range 550-570 for a move to 630

Why? All indicators are bullish except RSI (no longer overbought) which means the rally should continue. The final wave of the advance should be accompanied by MACD divergence. High risk of reversal (75%) as rally is ending and sentiment will turn bearish.

Forecast Indicators (daily chart)

Elliott wave	Bullish
Sentiment	Bullish
MACD	Bullish
DMI	Bullish
RSI	Neutral
M/A crossover	Bullish

Posted by Better Trader on 05/09/2014 at 05:35 PM in Key Levels, Research, Stocks | Permalink

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Better Trader

05/09/2014