Updating Apple AAPL into Critical Target Support

Nov 1, 2016: 10:47 AM CST

Will Apple (AAPL) shares hold support at the current pivot or will sellers break price lower?

Get your trades ready and follow along with what happens here at $112.00 per share:

Apple (AAPL) shares resumed the higher timeframe UPTREND with a bullish reversal in May 2017.

From there, shares continued trading higher from the $90.00 key level toward the current $118.00 high.

A negative volume and momentum divergence in October set the stage for a high-probability pullback (see our “Perfect Pullback” Strategy) toward the rising 50 day EMA which overlapped the lower Bollinger Band at $112.00.

With that expected sell-swing retracement complete, we take profits on short positions and look to position to trade the immediate movement AWAY FROM $112.00 per share.

Should buyers once again step into the market, we’d trade a likely bullish rally off support to continue the uptrend.

However, a sudden bearish breakdown that continues through $110.00 opens the market for a steeper, short-term reversal opportunity through the “Open Air” pocket toward $104 per share.

Either way, get your trading fingers ready and trade the departure from $112 without bias.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

1 Comment

One Response to “Updating Apple AAPL into Critical Target Support”

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