The h4 chart of Apple shows bear resistance in the $422-426 area, as expected (see previous analysis http://markettechnicalview.blogspot.com/2012/01/apple-dirrection-for-future-days.html).
There are several clues which attract bears attention and which proved to be respected in yesterday’s session:
1. Mid Octomber highs
2. T2 trend line – acts as resistance
3. The three types of gaps usually found in an upswing
Bottom line is that at least a pullback is expected and if bulls will fail today to break through resistance zone that the chances to see lower prices are increasing. The strongest and closest support appears to be in the $405-409 zone.
No comments:
Post a Comment