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$AAPL Head-and-Shoulders – Target: 320 $QQQ $SPX $SPY

January 24, 2013

Apple weekly chart (see below)

Upper pane

  1. Waiting for a resolution of the bearish Head-and-Shoulders following a sustained long uptrend
  2. Price objective: 320 (based on H&S characteristics)
  3. The thickness of the Ichimoku cloud in the next 13-15 weeks suggests a resistance difficult to overcome
  4. Note the change of trend 26 weeks in the future on the Ichimoku chart: Usually, such points warn about a strong trend to develop during this time

Middle pane

  1. The haDelta average SMA(3) was negative (yellow area)
  2. haDelta and SMA(3) failed to become positive (bad sign)

Lower pane

  1. Failures to go above the oscillator’s resistance (50-60 area) = Weakness

 

$AAPL Head-and-Shoulders Target: 320 $QQQ $SPX $SPY 1/23/2013

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