After breaking key intraday support at 580, then following through to an intraday low at 572.26, and a PF print of 574, Apple Inc. (AAPL) has reversed with the overall market.
This reversal has allow AAPL to recover to a PF high print of 584 (585.80 intraday) in a pattern that appears to be morphing into a congestion area between 590 on the high side and 572 on the low side.
A thrust above 590 (592 print) will argue that the current digestion represents a bull flag within a still-active recovery rally, while a decline that breaks 574 (572 print) will suggest that AAPL has broken down from a secondary topping pattern in the aftermath of its sharp recovery-correction from 506.
As of this moment, AAPL is betwix and between, but with a near-term upward bias.
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!