Friday, April 18, 2008

Apple's Cup Half Empty?

I'm sure most trader's can identify this stock's chart based solely on its blatant cup-w-handle that's been setting up these past two weeks. The lack 0f volume on the second half seems to urge caution going into next week. Though U-shaped volume isn't a requirement for this pattern it does give more strength to, and confidence in, the move. It also makes me wonder whether a re-test of the $156-range is in the cards. Of course, the majority of counter-trend moves (meaning bullish moves in an overall bearish market) have mostly occurred under relatively light volume. We shall see.

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