Kiwi’s Chart Adventure
Ola Amigos! Here’s a chart I’ve been working on. A 20-day hourly which encompasses the 30 day low of $119.40 through the HOY at 146.40. I posted a chart last week that showed possible overhead resistance at $146.XX going back to last August and that held up the other day when AAPL topped out. Allthough there was some very early premarket shenanigans that took AAPL up to $148, but that’s the land of makebelieve so it doesn’t count.
So, on this CHART The straight horizontal lines represent price levels of gaps since the recent (30-day) low of $119.40 and the angled lines are my attempt at drawing trends off of that same low. That last minute ramp of the NAZ at EOD was lucky for the bull case in that it made AAPL close above $!40 which is critical on a closing basis, IMHO.
On the RIMM rampage going on, I think it’s the pairs trade that goes on between AAPL and RIMM. AAPL was the darling the last few weeks as there was a catalyst for it going into WWDC. During that time RIMM was having trouble getting through overhead resistance, that’s when I posting about shorting it. Now, the WWDC is over and RIMM is getting ready to report earnings June 18th. So, they’re out ramping it into that event and shorting AAPL, holding it under overhead resistance. Just my take, food for thought.
Not trading AAPL right now, but would love to go long it on a successful retest of S&P 878. Well, maaaaaybe 903 if it proves to be granite resistance for the time being. That’s the S&P “positive for the year” level.
GL and good trading to all!
P.S. there’s a huge gap level I missed on this chart at $124.44 on May 26th to keep in mind for support.
The chart’s worth a look!
Hey DT! Very thoughtful of you to give my chart a thread. Maybe it will be able to stick around awhile here and offer some help for decision making to those looking for an entry point. The overall market is looking for a pullback, well has been for a couple of weeks. I think AAPL is taking the first step off the curb here. GOOG, which has been a companion of strength and momo to AAPL, was also weak these past 2 trading days. That tells me as a trader that money managers are taking profits now and will get ready to reposition into large cap tech bell weathers like AAPL and GOOG for earnings next month, at a lower price. There’s several gaps since $119 that could act as that entry.