AAPL's support level is becoming a key inflection point
How's it going? The first thing you'll notice when you look at a recent AAPL chart is that the stock has a very clearly defined level of support… Over and over again, the price has come down to the 155.00 level, and then bounced higher. | |
Of course, it's not perfect. Sometimes, price goes slightly beyond that level. Support is rarely a black and white barrier. But in general, AAPL hasn't wanted to move lower than that level since it passed it back in November. As long as the stock continues to hit that level, it seems like we're forming a basing pattern. In this case, the pattern is really wide, because resistance isn't until about 166.00. Why is this happening? Partly because of earnings volatility, partly because of FOMC volatility. Rates are going to continue to climb this year. Initially, we saw a huge rally, but then as we often do, we saw a ton of volatility and a whipsaw down lower. We still have a lot of volatility, and the MACD is still crossed to the bears, so there's a strong chance we still see a lot of whipsawing. But there is good news: | |
We had great earnings. AAPL continues to hold support. And it's still showing great strength relative to the S&P 500. Seasonally, summer is a great time for AAPL stock. So I believe over the next several months or so, we could see AAPL climb back higher, towards the 180.00 level. | |
In the very short term, though, be nimble. Take winning trades off the table sooner and limit your exposure to volatility. It could be a rocky few days. Trade safe, Micah Lamar P.S.: The best way to identify great trading opportunities is to wait for your strategy to signal the appropriate entry. That's what we do with the Perfect Apple Trade. Check it out here. | |
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