Apple AAPL Surges with Surprise Breakout May 9
Tue, May 9, 11:41 AM ET, by Corey Rosenbloom
All seemed lost in the moments following Apple’s (AAPL) most recent earnings announcement.
Bearish projections were rampant as bears took a victory lap that share prices would finally collapse.
The problem is… they were completely, spectacularly wrong.
Here’s what happened next as the triple-timeframe uptrend continued and a “strong stock got stronger:”
First, know that our core strategy aims to find relative strength based on the principle that “stocks which are strong tend to get stronger.”
Apple – along with many technology stocks – remained persistently at the top of relative strength (uptrend) scans.
Buyers aggressively overtook sellers even after an initial negative reaction to earnings last week.
Still, price surged and performed a big breakout activity yesterday, extending price comfortably above $150.00.
Note the volume and momentum spike that occurred along with the breakout.
Higher prices remain favored due to the uptrend structure and new confirmation from volume.
Fun times, Apple investors!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "Bearish" Definition
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
This Article's Word Cloud:
More articles: 1 2 3 4 5 6 7 next »