While our ChartLabPro.com rating has moved to Sell -- admittedly a worrisome change as this is the first time at this mark, year-to-date -- do not sell Apple
(NASDAQ:AAPL) just yet; wait until we're at a Strong Sell or Approaching Oversold. We are watching this name closely and alerted readers on October 22, when AAPL was in the $636 region, about the downward trend starting (see Apple Downgraded From Buy to Neutral
We specifically told readers not to buy Apple unless the stock moved back to a Buy (4 rating). We will now wait to see if we can get an Approaching Oversold level before doing anything. [Editor's note: ChartLabPro's previous Strong Buy ratings for Apple were triggered on Feb 3 at $455 and again on July 3 at $599. The analysis is geared to identify swing and longer-duration trades, not day trades.]
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To learn more about ChartLabPro's algorithm visit www.chartlabpro.com.
No positions in stocks mentioned.
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