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Related Articles
9.23.13 “$AAPL Levels I am Watching (Part 3)“
10.11.13 “$AAPL Ready 2 Explode“
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10.22.13 Tuesday
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*These were the two charts we discussed this morning here at Traders Club and why we were out of our long positions at open this morning.
Chart 1 : Originally Posted on 9/23/13
Weekly Chart
Chart 2 : Originally Posted on 10/11/13
Weekly Chart
24 thoughts on “$AAPL Two Charts with $530 Resistance Warning”
Nice call Kay.
Today’s event should be priced in, unless they release a surprise like a new iWatch.
It hit 528.45 today. Very close to that 530 and it couldn’t hold. I think a healthy pull back is in order. It has gone up on very week volume except for yesterday. I would like to see this pull back between 490 and 500 this week before working it’s way back up to new highs next weeks due to earnings. (old ceiling = new floors).
Zex_M19 yea i think im done trading $AAPL until after ER. we might get choppy here below $530 until ER. Especially $SPY is not looking so hot right now…
I had bought some puts this morning. (when it was up $6)
I turn my head to look at price and it’s down over 10 points!!
I quickly sold for a quick profit. Now that I am ahead today. I will buy back puts right when event starts (might be green by then).
Would love to see 490-500 today or early tomorrow.
Apple hanging in there. Gonna stay away from puts.
Could explode up.
Never bought those puts, Apple hung in there after the event was over. That’s usually a bullish sign. and now 2 days in a row it’s up.
Let’s see if it breaks that 530
Zex_M19 yea greed looks like it could go higher. im staying away until ER tho
2kaykim Zex_M19 apple trying to go above 530 and just like that…drops to 529. Nice call. was tempted to chase but i remembered what you wrote about 530 so I stayed out. I’m with you, will stay out until earnings. Carl Icahn messing around too. He sold NFLX and that sucker tanked 2 days ago when he went public with the news.
2kaykim Zex_M19 530 holding. Thanks for the help Kay. I probably would have lost a lot of money if I didn’t know about 530. If earnings is not good we could retrace our whole move up from 490. If they really like it we could break 530. Stock hasn’t moved much after last few earnings….options killer.
Zex_M19 yea after these extended bullish sessions and with ER coming up soon here, and $530 being the pivot level, this is not the level I would want to chase it. still staying away until after ER
Yep. that 530ish ceiling too much for apple at least for now.
I think China Mobile announcement could do it but we have to see where the stock is during that announcement.
Since we can’t break 530 for now, it could pull back short term.
Zex_M19 i agree short-term pull back. Best to wait to get much better price to go long. Again this is why I don’t chase after parabolic move since $490ish. Pull back is not a bad thing for long term. I still think we can get to $550 or beyond long term but pull back is probably what must happen for some digestion process.
2kaykim Zex_M19 Agree here, Kay. There’s also significant negative divergence on both RSI and MACD that may portend a pullback near-term. Watching the rounding bottom support level at $510, 50 DMA at $493, and $480 consolidation area as likely entry points.
three28capital 2kaykim Zex_M19 good eye there
Kay. looks like resistance at 527. IF you look at daily chart on tuesday when apple dropped, it bounced in middle of day to 527 before reversing to new lows. Then peaked at 527 yesterday. It hit that number again today and now slightly fall away. Looks like a near term ceiling to me.
Zex_M19 it looks like bear flag to me (last two days with declining volume). i’d say retest $510 as new support if that fails, probably $490..
looks like we getting that bear flag confirmation today on daily chart..
Kay,
old support now new ceiling?
Apple failed to break above 520-ish where it was support all last week.
maybe we see that 505-510 this week.
Deal with China mobile seen delayed possibly until 2014…
http://news.investors.com/111113-678690-bmo-capital-sees-more-ipads-fewer-iphones.htm?ven=yahoocp&src=aurlled&ven=yahoo
Zex_M19 yea like i said retest $505ish level is not a bad thing at all and its probable. Only question is will it hold and bounce or will it crack and go to $490. Still not touching it.
Kay, another wedge forming?
small wedge formed this week but…
I see a bigger wedge since back around Oct 25 (top of wedge?)
since we are seeing new lows, it could be a bearish channel?
We are near the tip of this week’s wedge something gonna happen soon.
And there it is!
big move up today on better volume.
near that 530 resistance. if it gets near tomorrow or next week, i will buy puts.
unless there is some news. 530ish resistance will be very hard to break.
we could see that thanksgiving profit taking next week after stocks hitting new highs this week.
Zex_M19 yea it will be tough to short as long as market is in bullish mode. I think if market continues higher, we can see some good follow thru to the upside
Friday profit taking on stocks that had big run ups last few days.
Apple still couldn’t break that 530ish yesterday or today.
News that Carl Icahn didn’t have as many shares of Apple as he claimed.
The only way to break 530 is big time news….back to 520
Zex_M19 524.99 interesting close lol