Too much selling here....VIX is so far above top Bollinger Band, a strong oversold indicator. AAPL has been going on its own lately, but I think we will get a recovery here.
So much JUNK on this board, and I get one dislike? Read through below...I called for a $4 - $7 decline if the stock dropped more than $1.75 (it declined $4 and change). After the $4+ decline, I called support at 96.63, which it bounced off exactly, and then I called resistance at 97.85, which it started to fail at 97.84. All, of course, in real time. Oh and how about the 88.83 major weekly support and Fib timing for low that week when every technician on CNBC was saying a takeout of the old low was a disaster? I also called the resistance above starting at 100.93 and we saw a high of 100.73 before the $4+ decline.
Just a little maddening that no other technical analysis chiming in here and no one even following...yet the post of What do you Buy When Dollar Up - Apple gets 100 views, when that's not even true. Dollar Down is a benefit to Apple!
Needs to get through 97.41 and 97.80 (symmetry resistance) to start looking good. Nice bounce off that support though.
Should note, too, that I have also called out resistance here from 99.83-104.40. (See reply to "Apple Close to Hitting Resistance"). There is a mini wall here. If you are long and believe in the stock and you get a drop below $99, I would sell calls and buy some puts. Will need to hold the lower support down around $95 or below.
AAPL has been extending and pulling back nicely into short term support (aka stair stepping) since its bounce off of the important 88.83 weekly support line. To keep that pattern going, the stock needs to hold above 99 (preferably 99.04). This is because all prior moves in this swing have NOT exceeded a $1.69 decline. Anything more than a $1.69 move down will most likely mean a bigger correction is coming, i.e. $4+ could be in the works.
Please note that if a new high is made, then $99.04 is no longer the short term support number (just subtract $1.69 from the new high to get your line).
If you are a buyer, $99.04 is a great entry....just have a tight stop at 98.90. It's a 14 cent downside vs. big upside. (See Posts WEEKLY SUPPORT - 88.83 and FUNDAMENTALS & TECHNICALS for more color).
I've got resistance from 100.93 to 104.40, with multiple spots in that zone. There's a gap just at 104 ...Could see it getting there. If it does, the stock would almost def be trading over the 50 day. My guess is it gets a momentum boost right there and continues on to test the 112 highs. Needs to beat that high by more than $1 to think it could truly make a run again.
I wouldn't get too cocky. I'm long AAPL here - and there was strong support at 89 for a rebound - but look at the daily chart. LOWER LOWS and LOWER HIGHS. That means there is a ton of resistance in the way. Until AAPL breaks above 112.30 (the preceding major high swing), IMO, you need to be a cautious bull on this stock.
It's stair stepping really nicely. As long as it doesn't decline more than $1.75 in one swing, be confident it will keep moving up. $1.75 because the biggest move down in this swing is $1.69. That's not to say it won't go higher eventually, but it will probably make a much bigger correction on the way there, e.g. a $4-$7 decline.
CNBC talked about it. Thought a hedge fund or even Icahn.... admitted total speculation though. Numbers were too big...billions.
If you've read my posts (WEEKLY SUPPORT - 88.83 and Fundamentals & Technicals), then read on here. A VERY short term resistance right here at 99.76-99.83. If we get past here, then the big block of resistance comes up at 100.93-104.40. It is broken out in smaller zones, but there are too many numbers to post here.
I would not be surprised to see the stock get up to the 104.40 area - where it would meet a Fib target (1.618 off 4/27 high to 5/12 low) and also fill the gap at 104.04.
Less certain on timing, but a straight V formation would give you a high this Friday to Tuesday, i.e. 13 trading days down from earnings vs. 12-14 trading days up. With a big move off Yellen, wouldn't count it out.
Of all the junky posts here - and there are a ton - you would think somebody would acknowledge my technical work. I was bang on.
For the future, look for a breather at 97.64, i.e. a retreat, hopefully into short term support. The next true resistance line is 98.39. Needs to get through there to continue this upward move.
Held that low and has had plenty of short term buy triggers. Up against higher resistance (95.17 - which I called in a different post). If it can take out 95.17/.21 and 95.90 (short term swing high), bodes well for some more momentum. Still, a lot of resistance above, but this stair step up is looking nice technically.
Having a hard time getting through that .618. at 95.17. 95.21 was not a break. And it retreated a little from 95.17 high today. If it can get through there, then next challenge is taking out short term swing high of 95.90.