The Technical Trader – Apple
Mar 7, 2010 Stock to watch, Technical Analysis, Trading Idea
Apple (AAPL) hit a new 52-week high of $219.70 on Friday, although the stock pulled back a bit, to close at $218.95. From the start of 2009, through October of that year, Apple’s stock was basically moving in a straight line upwards. Since mid October however, the shares have traded in a range, albeit a wide one, between $190 and $210, while briefly hitting a high if $215.55 on January 20.
With the move of $8.24 to $218.95, the stock finally broke above $215, which has proven to be a strong resistance area for the past two months and that could be a very bullish signal.
Should the markets look to head higher today and Apple is moving in tandem as well, we would look to buy the stock here. Of course, we would look to take early profits, as we still have a huge amount of volatility in the stock market.
If an entry opportunity is presented, we will follow through with this trade, so visit the blog often for updates.
Tags: apple, Technical Analysis
