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Weekend News Takes Bite Out of Apple


Gareth Soloway / InTheMoneyStocks.com

Apple Inc. (AAPL) is trading at $531.43, -1.82 (-0.34%). The stock flushed at the open down to $521.58. This came after weekend worry spilled over into CNBC's bearish chatter pre-market. These early morning flushes are usually solid buying opportunities for day traders who wait for the little investor to sell in fear. The media hype is the culprit here.

Interestingly enough, the flush on Apple Inc. down to $521.58 hit a key trend line support level. Note the chart below. Since that point, the stock bounced back to the positive side before slowly pulling back. As of now it looks like Apple may making a bullish pattern, ready to head higher.

Should Apple not make new lows today, upside should be seen in the coming days back to the $550.00, then $575.00. Technically speaking, this chart is acting better than it did last week. As the end of the year comes, tax selling may start to stall out. A late December, January surge back over $600.00 is likely.

Chart Of The Day: AAPL

Support Level: $521.58 and bullish pattern