AAPLE : Hitting Resistance

AAPL has a good run since the last rally. And it deserves so.

A premium brandname, great product line and an incredible quarter despite Steve Job’s absence.

However, looking at the Weekly Chart suggest that it is going to slow down and take a break.

1. The candles are getting shorter.

2. It is hitting resistance at $124 on the Weekly chart.

3. And there is also a huge kumo ahead.

At the same time, if there is a successful breakthrough above $130, then AAPL may on to something. Perhaps a new product line, the return of Steve Jobs or something that blows our mind off.

For now, I am anticipating that it will retrace for a while. With a retracement, it will setup a possible cup-n-handle formation.

View Weekly Chart

By iam802

Trend trading with Ichimoku