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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!

Afraid to Trade Premium Content and Membership

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).”

blog.afraidtotrade.com


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This Article's Word Cloud:   Afraid   Apple   Bearish   Buyers   Corey   Follow   Note   Premium   Profiting   Still   Trade   Trend   Twitter   Wiley   adsbygoogle   afraidtotrade   along   also   breakout   confirmation   continued   earnings   extending   favored   from   last   lost   many   overtook   presentation   price   prices   projections   relative   spectacularly   spike   stocks   strength   strong   stronger   technology   that   time   took   uptrend   volume   were   what   which   with

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