Bearish Engulfing Candles: The iPad Is Not The Real Story For Apple

Today AAPL, Inc.  is going to launch the iPad 2 and to many I am sure that seems like a great story and in the premarket AAPL is trading slightly higher.  Here at Day Trade Well we focus on the technical analysis of stocks so let’s look at the AAPL daily chart to get a better handle on where the stock may trade.

The trend of the chart is still bullish with the 20 day SMA above the 50 day SMA, AAPL is slightly overbought and with yesterdays action is on a weekly R3 sell signal and the current candle formation is an unconfirmed bearish engulfing candle. 

Hedgefund LIve


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