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Apollo Group Inc - APOL - Descending channel breakout
Casey Murphy - April 26, 2007


Apollo Group Inc - APOL 

April 25, 2007

Last Trade

$48.66

Volume

2,831,936

52-Week High

$56.30

52-Week Low

$33.33

Commentary: For today's chart we've chosen to take a look at APOL because it is trading near an interesting short-term resistance level. As you can see from the chart below, APOL traded within a descending channel for most of the past two years, but this story changed on February 9 when the bulls were able to push the price above the trendline. Notice how the resistance has become an area of short-term support (illustrated by the white arrow) and how the price is now testing the resistance of the February high. We believe that this stock will catch the attention of many technical traders once it moves above the $49 mark.

 

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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