Near-Term Topping For Apple (AAPL)

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By Mike Paulenoff | Published 01/25/2012 | Stocks | Unrated

Near-Term Topping For Apple (AAPL)

Apple (AAPL) satisfied my preferred pattern action in reaction to earnings by thrusting above its 3-year upper channel boundary lines at 460-65. But thereafter it failed to hold above the top of the channel.

This argues strongly that AAPL has put in a near-term spike peak ahead of a near-term topping process that will be followed by a correction into the low 400 target zone.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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