Weekly 100SMA & Fib
- Weekly 100SMA has been acting as resistance last three weeks
- Fib. 38.2 level also confirmed that level as resistance
- Currently forming bull flag
Looking at the weekly chart, as of today, it does look more bullish as we are possibly forming this bull flag pattern. Obviously we would need to break above the fib level and 100SMA for a confirmation but as long as sellers can’t truly push this thing down and the stock hangs around, I do think we could have break to the upside in a week or so.
Daily Pivots
- $486.50 is continue to act as solid pivot and we are still above that level
- 20EMA also continue to support this move to the upside
- Possibly forming bull pennant pattern
Also daily chart starting to look more and more bullish as we are consolidating above this pivot level. If you look at my yellow dotted uptrend line (see circles), I am wondering if we can come down to make that higher low right on that uptrend line. Also I’ve been talking about how $470 level might be the good level to come down before going higher and I think that still could play out (thought I think $475 might be more doable level) but if we breakout from the bull pennant pattern, I think we might not have to.
Bollinger middle line (20SMA – daily) is continue to act as support for now and it definitely adds some flavors to the bullish argument.
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Final Thoughts
I am currently not holding any positions on $AAPL but I am thinking to possibly go long if we do break out of this bull pennant pattern on daily. I still think about $475ish level is bit more attractive to go long but I would let the chart dictate that. I would also pay attention to the broad market and I would feel much better to go long if the whole market is also moving in that direction.
Yup. Its good to think LONG in AAPL now.
Looks like you were right about that 100 sma!
It hit it today again too.
Only to crash down.
The whole move up to above $500 was based on the iphone event, Ichan’s position, China Moble deal,and buyback rumors.
Now that the iphone event was nothing spectacular.
Went from 455 to 515. I think we should retrace back down to at least $470-475ish as long as no other news comes out.
also, whenever apple goes down after presentation, it usually follows up with more selling for the next week at least.
Only once did I ever see it go up after product announcement. It actually went down that day only to come back up and continue the next days..that was when it marched to $700+. Which goes to show you that the move up to $700 was probably over exuberance causing the bubble.
Today’s high was 507.45 Your chart says 507.52 but that was also posted 2 days ago so it could have shifted. either way, today was close enough. Looks like it traded on the technicals and couldn’t break that ceiling.
Down we go, probably 487-490 floor will be broken this time.
Zex_M19 Thanks for your input Zex.
Kay, would love to hear anything else you might have to add!
cguirguis Zex_M19 if you look at my post, you see that how I drew that uptrend support which also coincides with 50EMA, I want to see if that level gets hold, if not it can come down lower. Obviously 485 is the support must hold if we break below that, we could also have mini double top as well
I beg to differ. Any short or put options on AAPl right now are likely to lose money.
agni123 yea i would beg to differ as its gapping down 26 points right now
So 487/490 was broken and here we are at $470ish. Wiping out all gains on speculations on iPhone, China mobile, and Carl Ichan
Just didn’t expect it all in premarket!
Kay, we are gonna need an update on those levels and charts. This is madness! Haven’t seen apple tank in premarket this much since after it reported earnings back in Jan this year!
OK, now my update on news that could move apple…
Sept – Ichan promised to sit down with Cook to discuss increasing apple’s buyback..BULL.
Oct – announcement of new line of iPads (most likely disappoint – if they couldn’t wow you with new iPhone, iPad will be worse.)…BULL then BEAR.
Oct – earnings. God! who knows. NEUTRAL.
Nov – possible announcement of deal with China Mobile? VERY BULLISH.
1st quarter – 2014 – new products announcement again. Finally a watch? Buy BEFORE the event..like during the announcement of the date. EXTREMELY BULLISH during rumors.
I sold my calls yesterday after weak open for a loss (a bit of a surprise since it normally goes up that day. knew that was not a good sign). Then bought some puts (wish I bought more) after I saw nothing new in product and no China Mobile news.
Sold all put positions this morning, made back my losses and then some.
Currently have no positions. Was lucky to get out with a gain, not gonna push my luck.
Kay, looks like support around 50ema for now.
Good luck everyone!
Zex_M19 so yea today it was not able to close above 50EMA. this is not a good sign.
2kaykim agni123 Well. If someone had been smart enough to have the short positions (or put options) on AAPL before I wrote that comment (i.e. before yesterday market open) then they would have made money. But anyone who gets short or buys a put option after market open yesterday is likely to lose money. That is still my view on aapl. Let us wait and see how it unfolds.