Don't Ignore This Chart!

Apple Fails to Hold Triangle Breakout

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Apple (AAPL) appeared to be breaking out with a surge above triangle resistance in late March, but this breakout failed as the stock reversed in the trend line zone and broke back below 535 on Friday. Sometimes a failed signal is as value as a signal. In other words, this failed breakout is bearish until proven otherwise. The trend remains down for Apple and chartists can mark first resistance at 546.

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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