AAPL ( Apple Inc) - Has The Bulls Back Been Broken?
Above is a weekly chart of Apple Inc. (AAPL) and as you can see this stock has enjoyed a spectacular rally over the past 2 1/2 years.. You'll also notice a very significant uptrend line that starts from early 2009. What makes this trendline so important is that it takes place on a weekly chart and that this line has been touched several times.
APPL slipped briefly below this line last week but has recovered by trading back above the trendline. On a daily chart if you look at the 200 day moving average of this stock, you will see that AAPL is now spending several days below this very important and most watched moving average. This is a warning sign in my opinion but still is not a signal to exit longs.
What I will be watching for very closely is if AAPL can keep its head above water by staying above its weekly uptrend line. If AAPL posts 2 closes below this trendline, that in my opinion would be a signal to exit the stock if you are long and to wait for more favorable bullish set ups to present itself.
AAPL (Apple Inc) closed today at 325.30 which was up 3.17% from Monday's close.
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1 comment:
no position in aapl nor an opinion of the company,, but i keep saying careful going long popular stocks with low short interest- nobody to squeeze and everyone long is pumping so they can write covered calls at a higher rate than the stock can gain at peaks.
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