Don't Ignore This Chart!

Apple Goes Parabolic and Forms Bearish Engulfing


Apple is no doubt in a strong uptrend, but the recent move went parabolic as the trendline slope steepened for the third time. The latest surge from 420 to 520 was pretty much straight up. With a high-volume bearish engulfing pattern taking shape on Wednesday, the stock could be ripe for a correction or consolidation.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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. Learn More
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