Look at a daily chart and the huge price decline from 10/21-2/4. It is symmetrical (just .01 apart) to the current downswing off the 58.09 high. There was a bounce today off of that support. Some key resistance is in the way, but if OAS can clear it, then the stock could easily get back on track. Levels to look for a failure are: 40.86, 41.64, 42.07 and 43.99 and finally, 45.60.
There is weekly support down at 39.44 to 40.17.
However, off the monthly 20 year chart, there is one support line (not considered strong by itself - but it's there) using the 38.2% Fibonacci ratio on 41.20 and another line at 40.87.
My gut is it's going down more before it finds support. Just hope it finds it in this next grouping and swings up as it has done in the past.
Did find another support line at 41.71. Will post again later after I confer with an expert if this number is any good --- i.e. if 41.71-42.19 is a valid support zone for a 2 step
Fibonacci target off AAPL's daily chart. It won't get there in a straight shot, but my bet, it's getting there soon enough. $113.16 still the target off the weekly chart. It's all good:)
so agree.... dives at the end of the day so all the call writers don't have to pay the 101s or higher. 100.96 is so conveniently lucrative for them. and then pops right up to 101.40 after hours. ridiculous.
42.19-42.95 is the support zone (Fib ratios combined with the support point). We've seen 43.05, but it looks like it's heading to the zone and the 2-step. Anyone looking to add to the position, you could get a nice bounce from the zone. WAIT though to see a buy trigger. Stop loss at 42.10.
For anyone interested, look at the daily chart ---- 8/26 high to 9/10 low is the first step. Then the stock reverses for a high on 9/11. You take 100% of the 1st step down from the 9/11 high and draw a support line, which which is 42.19. At this point, the stock looks incredibly bearish and more people short, but the stock can hold. If it does, it bodes well for a powerful move up/squeeze. You take 127% of the total move (50.08-42.19) and add that to the 42.19 low for a target of 52.32.
A second possibility - though a little less clear - is a high on 8/29 to that same 9/11 low. If the 2 step plays out using that high, look for support at $42.63.
The above is symmetry with Fibonacci. You need to see a signal (e.g. moving average crossover on a 5minute chart) to buy at these levels. If you see a break below the support, get out. It's low risk - b/c of a tight ripcord range - for a big reward.
If you see a drop to $42.19, the stock could be in a classic "2-step" pattern. If it hits and holds, the target is $52.32. All technicals .... but at this point, who cares?:)
AAPL held a key .618 retracement/support line yesterday. That hold bodes well for a short term move to $105.81, and a buy trigger late in trading yesterday will help it toward the target.
Bigger picture target of $113.16 is in tact.
If anyone is interested in Fibonacci, check out Cramer's video last night....he talks about the bigger $113 target and how AAPL follows Fibonacci beautifully.
If you saw Cramer's tech analysis on AAPL last night, you saw exactly where I'm getting the $113 target. The video is on Yahoo Finance/AAPL page if you want to check it out.
sorry for the typo. should have read ".... above a key short term support line."
Stock will be in the 105s soon. 105.81 is my actual target. It got clobbered early this am - but stayed above a key support short term support line. Technically, AAPL is still on course for the 105s relatively soon and 113 off the weekly chart.