Stock broke down from the support I noted on 7/29 --- before mini correction that started yesterday. NEW support line is 94.04. If it can hold that line and you see a short term buy signal, there's good upside. I can't calculate the exact target without knowing the low, but IF it hits 94.04 and holds, then the short term target would be $100.90. Only take that trade, though, if you see a squeeze or a low time frame moving average crossover. On the daily chart, AAPL's next support line is $89 and change. Let's hope the market calms down today. If not, next support line on S&P is 1908.
Does anyone know why the big-name banks don't cover FLML? We need a UBS or Morgan Stanley to put a buy on the stock. Don't understand why they're not in there....guessing it can't just be because it's not American-based....look at all the Chinese internet stocks that the banks cover. Thoughts?
If it does, AAPL will target a new short-term high around $99.88. If it doesn't hold $97.80, look for a bigger downside correction. IMO, either way, it will still get to its technical target (off the weekly chart) of $113.16.
FYI --- these technical levels are based on Fibonacci ---- which AAPL generally adheres to rather nicely.
I think it's too sharp for a cup and handle; if it is the handle dropped fast (which isn't good)....I know what to look for on cup and handle, but any ideas on a V pattern?
If it holds 94.80 and you see a moving average crossover on a low-time frame chart, it's a good buying opporturnity. Still on course to kick up to 97.69.
AAPL cleared short term resistance last week so it looks great for a move up to $97.69 before earnings. I posted by last Fib projection of $96.52 at 9pm on 6/26, when the stock closed at $90.90. The recent high of $96.80 equates to a "miss" of just 28 cents.
The bigger picture target (off the weekly chart) is $113.16.
Follow Fibonacci ... it rocks.
Need a buy signal first though....could break 7.96 support and then you're down to 7.64-7.69 support
If stock gets down there and you see a buy trigger, e.g. a moving average crossover (8EMA over 34EMA) on a 15min chart, take it; it's a gift. If stock blows through that support, though, then it's a little riskier, as it will have taken out a prior low. Next support line looks like $7.27 (.618 retracement of the big move on the daily chart). Let's hope calm minds prevail.
Made the target (+.28) for a new high and then pulled back. If it can crack through 95.70 - 96.18 resistance, look to 97.58 for the next target. BIG picture target is $113.
Not sure about timing, but it's possible. For anyone interested in the calculation, look at the move down from 3/26 - 4/14 into this big rally we just had ($78.43 down to $73.05 = $5.38 correction) That downswing is within 2 cents of the correction we are in now ($95.05 - 89.65 = $5.40 correction). If the current low holds AND the share price can push through 91.52, then you take 1.272 x that current move (5.4) and add it to the low (89.65) for a target of $96.52. If Apple breaks below 89.65, it's probably going down to the next (lower) support level and all the above needs to be recalculated.