Technical Patterns Creating Opportunity
Today I'd like to look at three technical patterns that are creating trading opportunities right now. These patterns are equally valid, whether applied to stocks, currencies or commodities, because they are created by the actions of traders, not by the instruments that are traded.
Let's start with the stock that is on everyone's mind today. Apple's (AAPL) breakdown may come as a surprise to some, but regular readers of this column got a heads-up last week on the vulnerable state of this tech leader. On Friday, Apple closed beneath the neckline of a head-and-shoulders pattern, and today it gapped lower. Apple's next major support is the $615-$620 area, a former resistance level from July and August. The stock is also trading beneath its 50-day moving average (blue) for the first time in two months....400 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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