Apple: Should rally up to 163-4 this week coming, at which point it will become vulnerable to profit taking - if we get there...if we do reach this level it's time consider flattening off longs and think about a near term short back to 154
if you draw a parallel channel properly, you will have 156.4 on May 12 being the top. Properly means starting from 2009 low through June 2013 low and Feb 2015 high.
sumastardon
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@AlbCM, Erm if you draw the trend 'properly' from 2009 low you get 2 trends, the one you mentioned and the one I mentioned. The problem with drawing a parallel from your choice renders the upper parallel useless for trading purposes but delightful to look at - which is no use to me. At least the upper parallel I have drawn has yielded very fat profits and given great signals along the way - unlike yours. So yours is pretty, granted - but absolutely useless from a trading point of view...if you got an imaginary top on May 12th at 156.4 and it didn't stop there you have an imaginary trend line - not a real one. Hope you understand the difference or perhaps you shouldn't be trading.
AlbCM
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@sumastardon, hope the upper parallel you have drawn has yielded very fat profits for you again.