Apple's Most Important Price Point Since $700
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The Power of the Pattern reflected that Apple was facing a line that had caused the stock to fall at least 60% each time it had hit this line, for the past 30-years, which was at the time the iPhone 5 was being introduced on October the 12th of 2012.
As we all now, Apple has had a rough 10 months since it hit that 30-year resistance line; it lost over one third of its value.
Well that is now in the past.
What is it about the present pattern that is important? The Power of the Pattern suggests that Apple could be facing its most important price test since it hit $700 per share!
The left chart below reflects the 30-year resistance line and that Apple is now testing the underside of a parallel 30-year channel right and at the same time Apple is also testing its 23% Fibonacci retracement level of the large decline over the past year.
Premium Members bought Apple at $402 and remain long with a trailing stop, at this time. A breakout of resistance at (1) & (2) would be bullish for Apple.
Is this the most important price point since Apple hit $700? I believe it is!
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