Stocks Mixed, IS Apple Still Poised A breakout?
Apple (AAPL) acted bullishly, rising 0.5% to 116.61 and putting more work into the crafting of a handle on its latest cup-with-handle pattern.
While a new base-on-base pattern has produced a 118.79 entry, 10 cents above the new base's left-side high, check out the daily chart and you'll see that the iPhone and iPad giant has now etched a downward-slanting handle over the past week, presenting a slightly lower buy point at 118.12.
In September, as noted in an IBD Stock Market Today column, Apple cleared a 110.33 buy point within a cup with handle that was lodged within a long, deep, bottoming base pattern, then rallied 7.5% before pulling back and testing vital support at the long-term 200-day moving average.
Meanwhile, Nvidia (NVDA) continued to show signs that while it's indeed undergoing a price correction, the decline has so far been controlled.
The leading graphics processors firm fell 2.5% to 101.74, extending its decline from a 119.93 high to 15%. That's the maximum allowable price decline for a flat base, which must form over a minimum five weeks.
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