Apple AAPL Sneaks Back to 100 Per Share

Jul 19, 2016: 10:54 AM CST

If you haven’t been watching, Apple (AAPL) quietly traded back to the $100 per share level, setting up a key pivot and trading opportunity.

Traders often use “Round Numbers” like $100.00 per share as magnets to time short-term or swing trades.

For example, price departed down toward the $90.00 per share level twice since May and both instances resulted in a powerful up-swing toward the $100.00 Magnet.

This same pattern repeated in February earlier this year, though March gave us a powerful breakout higher.

With $100.00 as a key reference level, look to trade the departure away from this price as the basis for your next swing trade.

A move “up away from” $100 should lead toward the 200 day SMA at $103, and a break beyond $104 could open the stock up to an “open air” move toward $110.00.

Otherwise, a departure “down away from” $100 just repeats the pattern from June.

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Corey Rosenbloom, CMT

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