Apple Move for 4%+
Another call to add to the highlight trades list here at ST101 is Apple, and the stock could just be getting started. First thing is first, check out the original post on Apple (AAPL) from earlier this month. I will highlight some of the key content for you,
“…Apple may be a buy the next time the stock climbs above $90… the stock has found stability even though the market performed so poorly last week…”
Today Apple is trading up near $94, closing yesterday at $93.96 yielding us about 4.5% on our position. If you look at the original chart, you can see the resistance drawn pretty clearly on the stock. Below now is a chart from a few minutes ago,
You can see in the chart how the stock pressed up towards $90 and almost tredded water there before making its push above the resistance. Looking ahead though what we still have not yet seen is a strong accumulation day to strengthen this most recent uptrend. The stock is trading above its 10 and 50 day moving averages now alongside the uptrending MACD, both bullish indicators. The market though as we all know is pretty volatile as of late, and anything really can happen from here. If you did buy in at $90 and are looking to hold long term, I see no reason not to hold. For the short term trader, you could sell half or all in here and look to see if the stock moves back down towards $90. If you want to play it tight a stop around $89.50 is sufficient! Have a great afternoon.
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