Time to Take a Bite out of Apple?

03/12/2009 12:26 pm EST


Apple (AAPL), the popular international maker of personal computers, portable digital music players, and mobile communication devices topped off last May at more than $190 a share and tumbled from $160 in early September to $82 in early October.

A rally from the October low to around $110 and a subsequent decline to $79 set up the current channel-down pattern.

The December 20 low at $78.20 marks the support of the formation. Now with stocks in a bear market rally and the stochastic giving a recent buy signal, AAPL might provide a trade with a target of $98.

By Sam Collins of OptionsZone.com

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