Taking a Fresh Bite of Apple

I know I'm not a beacon of long-term trading. Many stock portfolios I put together are just longer-term basket trades looking out six months to a year. Sometimes these can be closed quickly if they go particular well, or in some cases, particularly poorly. So it may have been a bit of a surprise if you watched Mad Money last night and saw a monthly Apple (AAPL) chart tossed out there for analysis by yours truly.

The chart was compelling enough for me to act upon today. If you are willing to be patient with this chart, Apple could be in the end stages of forming a very bullish pattern. The monthly chart shows AAPL running in a bullish channel starting all the way back in 2005. Even during the financial meltdown of 2008-2009 and the Apple "crash" in late 2012, that support line has never been breached. In fact, that support line paired with a large drop in the CCI to or near oversold readings has been a great entry point. While we don't have that on the table now, we do have the potential for a cup-and-handle pattern to form....270 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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