Apollo: Traders Look for a Bottom

apol New York, January 23rd (TradersHuddle.com) - Shares of Apollo Group, Inc. (NASDAQ:APOL) ended the trading session higher by $0.02 or 0.07% from its previous close. Apollo's price action in the session formed what is considered to be a Hammer, where bears drove prices lower intraday. However, the strong finish indicates that bulls regained control, forming a trend reversal.

Apollo Group, Inc. (NASDAQ:APOL) provides higher education programs mainly for working adults. The Company provides educational programs and services at the high school, undergraduate, and graduate levels online and on-campus through subsidiaries.

Apollo's stock has been trading in a well defined range with calculated support at $18.52 and resistance at $20.43. This range can be used by traders to plan their next moves.

Traders wanting to establish a position in Apollo or traders that are already holding the stock can use the hammer formation to their advantage, since the pattern signal a potential bullish trend reversal.

The Hammer is an important candlestick pattern, as it can mark bottoms and support levels. Further buying pressure, and preferably on expanding volume, is needed before acting, as heavy volume will serve to confirm the validity of the reversal.

In the case of Apollo, traders who want to add to their positions or start a new position, need to watch for confirmation of the reversal. Below a Hammer illustration:

Note - Automated Content Created By TradersHuddle's Technical Scanner




Related Articles

    Related Partner Headlines

      Volatile market? That's when profit potential skyrockets for options traders. Now you can get up to 50 trade opportunities a week from top options experts -- plus much more -- on our exciting new site OptionsProfits. Try it FREE!

      TradersHuddle Search

      Stock Search:


      Site Search:

      Loading

      Technical Scans

      Recent Trading Ideas

      Latest Partner Headlines

      Stock Market

      Loading
      Chart
      o Dow Jones 16,805.41 ▲127.51 (0.76%)
      o S&P 500 1,964.58 ▲13.76 (0.71%)
      o NASDAQ 4,483.71 ▲30.92 (0.69%)
      INDEXDJX:.DJI

      Dow Jones

      Company ID [INDEXDJX:.DJI] Last trade:16,805.41 Trade time:4:30PM EDT Value change:▲127.51 (0.76%)
      INDEXSP:.INX

      S&P 500

      Company ID [INDEXSP:.INX] Last trade:1,964.58 Trade time:4:30PM EDT Value change:▲13.76 (0.71%)
      INDEXNASDAQ:.IXIC

      NASDAQ

      Company ID [INDEXNASDAQ:.IXIC] Last trade:4,483.71 Trade time:5:15PM EDT Value change:▲30.92 (0.69%)

      In The Wires

      Copyright © 2013 TradersHuddle.com. All Rights Reserved.