A Beautiful Swing Trading Setup On Apple
| Aug 20, 2014 11:20AM ET
Apple Inc. (NASDAQ:AAPL) just reached a new high. The exciting part of this, though, is that the opportunity could have been forecasted in a fairlystraight forward manner.
- We have a clear uptrend; trend traders can thus look for opportunities to buy.
- Price pulled back to a support level, which coincided with the 50 SMA, and formed a candlestick pattern.
We thus have ample signs of an imminent reversal and a resumption of the primary uptrend. Targeting the recent highs of 99 would have been conservative; an even higher target price could have been identified.
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