Apple (AAPL) met resistance at a key retracement zone last week and broke below the wedge trendline with a sharp decline today. Notice that Apple was turned back in the 50-62% retracement zone. With the wedge break, the next target is the support zone around 187.50.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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