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Saturday, January 05, 2013
AAPL Bounce Coming?
This could be a possible scenario for AAPL as it approaches intersecting 50% channel levels as potential support to, ultimately, form a right shoulder of a large Head & Shoulders pattern over the next several months -- maybe far-fetched, but who knows?
The following Daily ratio chart of AAPL:NDX may offer some clues on the shorter-term outlook. At the moment, AAPL is underperforming the NDX as it approaches near-term support. However, Momentum has turned negative and dropped below the zero level once more...one to watch for hints of either a turnaround soon (on positively-diverging Momentum) or continued weakness on accelerating downside Momentum.