AAPLTalk, 07/30/13 Market Close: Pretty Decent Day, Potential Uptrend Channel


Nothing much to add today, so just a quick update.  AAPL cooled off later in the day, and ended green right about in the middle of its intraday range.

It seems the price action is still net bullish.  A $1.50 or so gap up that held (though it’s hard to trust they’ll hold after so many weeks of downtrend), a second day closing above the upper daily BB, better volume than yesterday (if still relatively light), clear relative strength vs. the indecisive broader markets (except for the NASDAQ, which was up about 50 basis points).  AAPL also cleared $450 and temporarily traded a nickel higher than the previous downtrend “lower high” of 457.10.  Well, it’s a start, and at least there’s a new intraday high point of reference.

I’m not entirely sure why the lower daily BB decided to flatten out, but I’ll keep watching that.

The possible warning signs of AAPL being due for some retrace haven’t gone away.  AAPL’s even further away from the upper BB boundary now and it’s still overbought.  Then again, bullish price action can result in things like that.

A potential parallel-ish channel my be forming.  I’ve marked it with darker green lines.  The upper boundary is around 458-ish by Wednesday close, so I’m adding that to my nearby points of reference (none of which are exact, I just don’t feel like adding “ish” to each one):  440 / 446-448ish / 450 / 453 / 457-58ish / 460 / 465 / 470.

Lots of data points ahead, along with Fed Wednesday.  Something tells me the rest of the week could be better for measuring AAPL’s strength, but as of this moment, AAPL’s still looking much better than it has in a long time.

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