Feb 12

Good Relative Strength for Apple

My near-term work is telling me that after 3 tests of its July-Feb trendline during the past week, Apple (Nasdaq: AAPL) is "ripe" for a counter-trend rally period that should pop the stock to at least 84.20/40 in the upcoming hours and possibly to 90-92 thereafter. Let's keep in mind, though, that right now my work is warning me to consider any forthcoming strength as a recovery within an incomplete larger downside corrective process off of the Jan high at 99.38. Be that as it may, AAPL has the requisite technical underpinnings for a rally -- and/or excellent relative strength vis-
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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!