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Strategies & Market Trends : Effective Collaboration - Team Research for Better Returns:
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To: tcd who wrote (1598)3/19/2013 6:41:59 PM
From: The Ox  Read Replies (4) of 8258
 
Looking at the AAPL chart, it's looks much better for the bulls than it has in a while. It wouldn't surprise me at all to see a trading range from 420 to 485 for a few weeks to several months. The late January rebound was worth 50 points before it turned down and printed a new low (86 pts lower). Today's high, up 42 points and 47+% off the low, wasn't greater than 50% of that drop, which often coincides with the end of a bounce. Add that people have been waiting for AAPL to bounce and that the last 4 days have been very constructive. This suggests it has higher to run before taking a breather.

There is a gap down at $433. With the stock trading above 439 on March 11, the March 15th gap from 433 to 437 isn't that strong a magnet, IMO. It also appears that now there is decent support in the low 440s. The gap is an area of concern and anyone buying at the current levels should be well aware that we may retrace.

I would call it a very strong buy if the stock can fill the lower gap and/or fall into the 420s and NOT print a new low below 419. A drop into the low 440s might be a good place to buy, with a tight stop in place.

Today's gap up and close lower is a small concern but there's no reason why it can't power higher from here. The 485 level will be interesting once/if it gets there.

Just my tea leaves reading.....fwiw.

TO
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