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.
Berkshire...is that the catalyst? It's getting us away from that 88.83 support. MARK 93.74. Needs to get above that resistance line to start looking good again and to hopefully fill those higher gaps above!
They are all looking at percentage drop....Price drop brings MAJOR WEEKLY SUPPORT at 88,83. Fibonacci Timing for a low May 13-15 too. We are in the window right here. PRICE & TIME coming together can be very powerful for a reversal. Add that to yesterday's huge voulume/capitiualtion...it's recipe for a reversal.
A ton of resistance so I'm not calling for it. But it's a great set up right here for a buy.
Needs to get through 93.74 to start looking good..... check out post Fundamentals & Technicals for more info.... FIBONACCI TIMING for a low today too
Didi deal could be a small catalyst....hopefully somebody comes out today saying why it's so good. Most of the news seems like people are scratching their heads.
On technical side, AAPL hit 89, which is a clear shot at the 88.83 weekly support.
The other big technical point: On Fibonacci timing for a low, the trading days from AAPL's 134 high to 92 low in August corresponds with its November high to today's current low. Specifically, May 14 marks the Fibonacci ratio of 1.618 trading days in time. The window for a change in direction, therefore, is May 13-15, which we are in.
This reversal works best when the stock is moving very hard, up or down. We are clearly moving down hard, so timing for a reversal is higher for the May 13-15 window.
Based on the weekly support hit, today hopefully is it. TIME AND PRICE coming together is a good sign. Major selling yesterday, too, is possible capitulation.
If I wasn't already so long, I'd take a shot right here at calls. My safer bet is a clear of the initial resistance zone and buy at pullback from there.
AAPL hit 89.00 overnight. That is CLEARLY a shot at 88.83 weekly support.
Could China deal help? Most on line seem to be scratching their heads, but the stock clearly needs some catalyst. Hopefully, this is one to the upside.
Could this be a bounce off weekly support at 88.83? To see it, look at the $45.71 decline starting in 2012 and subtract that amount from Apple's all-time high). Since AAPL made a new low, the NEW resistance zone is lower now from 90.93 - 93.74. Still, a ton of resistance above, but it needs to get through this lower zone to have a chance. TC better be buying here, otherwise it's going to fill that lower gap at $74.92.
The only near-term catalyst I see - and it's just a hopeful one - is real political talk of the repatriation of overseas corporate earnings. If that topic can gain some traction, AAPL will get a bounce. A credible leak would be awesome, but not holding my breath there. And then there are the AAPL buybacks. Hopefully, TC is putting our money where his mouth is this quarter.
From a technical standpoint, a wall of short-term "symmetry resistance" exists, starting at 93.76 and running up to 96.28. Unfortunately, there is much more resistance from there, too, but AAPL needs to break the initial 94-96 zone to have a fighting chance at price recovery.
$88 weekly support, as well as a sickening gap at $74.92, both loom below. For these reasons, it's critical to get out of the basement now.
On a positive note... a lot of upside gaps exist at 104, 110 and 130. Didn't think I would be happy with a $104 fill, but at this point, I'll take it. GLTA.
It's the opposite. Dollar strength killed Apple last quarter. Tim Cook referred to it a dozen times in the conference calls. Dollar index going down will bump Apple's EPS next quarter.