The chart for Apollo Group (APOL) sports a consolidation pattern that looks like an inverse head-and-shoulders. Resistance in the 65-66 area stems from reaction highs in January-March as well as the consolidation in April. A break above these highs would be bullish. Notice that OBV already broke resistance.
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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