Apple’s Wedge Resolving to Downside

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Apple’s Wedge Resolving to Downside

Published on Thursday, 17 December 2009 13:07 Written by Danny Miller

New York, Dec 17^th (TradersHuddle.com) – Shares of Apple Inc (NASDAQ:AAPL) were heavily under pressure in today’s trading session.

For the last few days Apple shares have been stuck in a wedge in the 60 minute chart that is now resolving to the downside. A wedge pattern gets form where we see lower highs and at the same time higher lows get established, effectively tightening the range of the stock.

The resolution of the wedge in Apple is signaling further downside, as it failed to break its downtrend and is now well below its 50 day moving average.

Strong support is expected in Apple around the $185 level, if broken investors will brace for a bigger decline towards the $175 area.

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