I have probably traded $AAPL more in the last week or so than I ever have in the past. This tape has been a nightmare lately and to me, $AAPL has been offering up major trading opportunities on a daily basis. I am a trader not necessarily an investor, but these ten and twenty point intraday moves in AAPL have been great.
Yesterday $AAPL accomplished a few technical things that were bullish.
1- It broke above the white downtrend line yesterday on improving volume.
2- It also broke above lateral resistance (green line)
3- MACD is turning up.
My next short term targets are 590 then 600. On May 17 I told my subscribers to get long at 536, we trimmed a quarter position on Tuesday for +36 points and we are carrying the remaining balance. I always sell a little on strength, it keeps me honest.
I believe the tape will turn higher soon and I believe the performance chasing troglodytes will want to be long $AAPL again. There is stll a lot of economic data on the docket today and tomorrow. Good luck out there.
The presses will be printing soon.
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