December 11, 2022 | $AAPL – Apple Computer (Last:142.18)
AAPL looked like hell last week, stopping out the point ‘C’ low of a weak bullish pattern, but making little headway on the obligatory bounce. Desperation will not provide the distribution opportunities its handlers seek, but their one good trick — gapping the stock down on the opening in order to exhaust sellers — hasn’t been working lately because shorts are not as easily spooked. Well below the pattern is a downward sloping, red line. It is the lower trendline of a channel I’d said could contain some big swings in 2023 without allowing a major breakdown or breakout. For your information, the upper channel-line will come in at around 172 this week; the lower, at 121. In theory, that would free the stock to swing wildly over a 51-point range as we enter the new year.
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Rick Ackerman December 11th, 2022
Posted In: Rick's Picks
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