Apple (AAPL) tested its mid November low and long-term support with a dip below 520 on Thursday. Support in the 520 area extends back to the May low. Notice how the stock forged an intraday reversal for the second time in two months. Also notice that volume exceeded 40 million shares.
Click this image for a live chart.
Click this image for a live chart.
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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