Updated Strategy and Trading Levels for Apple AAPL Oct 6

Oct 6, 2015: 8:51 AM CST

What price levels are important right now for trading decisions in Apple (AAPL)?

Let’s take a look at our updated Fibonacci Grid and Target Levels for this popular stock.

We’ll start with the Daily Chart:

Let’s start with the Fibonacci Retracement Grid as drawn.

Apple (AAPL) shares are compressed – bouncing between – the 38.2% and 61.8% Fibonacci Levels.

Price has developed an upper resistance level into $117.50 and a lower support zone at $107.50.

This has created a $10.00 “Bounce Zone” for shares ever since the August decline.

Under this logic, Apple is triggering a new “support buy” trade opportunity as shares (potentially) move up away from the $107.50 level again – at least toward $112.50 (the Midpoint) and higher toward $117.50.

In the event that price breaks under the $107.500 key support level, it would trigger stop-losses and a possible liquidation (sell) swing lower toward $100.00 per share to continue the daily downtrend in motion.

This will make our current levels critical to the future trading opportunities for Apple shares.

In the future, if buyers can break price above $117.50, it would be an “all clear” reversal trigger entry to trade up toward $121.00 then potentially through “Open Air” toward $132.50 again.

Let’s pull back the perspective to our Weekly Chart for more information:

Honestly, the Daily Chart gives us the best perspective for our short-term trading strategies.

We still see the $107.50 level as an important inflection – “bull bear” – zone.

The falling 20 week EMA overlaps the $116.70 level while the flat 50 week EMA trades at $114.60.

Even the Weekly Chart – without the Fibonacci Grid – highlights a similar sideways range for shares.

Focus on the Daily Chart, the short-term range, and the eventual breakout from this range in the future.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Updated Strategy and Trading Levels for Apple AAPL Oct 6”

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