Apple Crisp?
Could the world’s second-largest company on the planet in Apple be ruffled enough to make a stand and try to reclaim the top spot? Monday was a good start for the name, but it CLOSED well off intraday highs, recording a mild bullish island reversal (gap up following a recent gap down). The stock added a pedestrian .6% although it encountering resistance at the 21-day EMA, and look for a possible move toward the round 180 number which was the site of a bearish descending triangle or head and shoulders pattern. April is around the corner and seasonality-wise, starts a strong run into summer last normally lasts until September, which curiously has a very bad track record over the last 5 years falling almost 10%. On its WEEKLY chart, last week did register a bullish harami, and I think these levels offer good risk/reward going into year-end with a stop below last week’s lows. Another caveat is the MONTHLY chart which has sported three consecutive spinning top candles and is now back below the 180.42 cup base breakout from last June. The 180 level is important and must see a CLOSE above on March 29th, the last day of the month.