Courtesy of Chris Kimble.
CLICK ON CHART TO ENLARGE
Left chart is Apple Weekly (Semi-Log)… which reflects a bullish case for Apple, in that Apple is on a 10-year support line and at its 38% retracement level.
Right chart is Apple Monthly ( Linear) …which reflects an Eiffel tower patter looks to be in place, with the action on the right side of the tower being bearish for Apple. The Eiffel tower pattern was first discussed when Apple was trading north of $600 per share (see post here)
Bottom line for Apple….The 10-year/Fib support line is a good entry point for Apple with a stop just below this key situation.
If the channel/Fib doesn’t hold, the right side of the Eiffel tower pattern for Apple will continue to be formed and Apple become a much smaller company!
CLICK HERE TO SEE US ON STOCKTWITS….KIMBLE CHARTING
