Apple shares (Nasdaq: AAPL) have been flying below the radar. AAPL is moseying around near all-time highs without making a big splash.
The weekly AAPL log scale has the potential to stir up this sea of tranquility.
There is strong support around 100. A look at the daily chart shows an open chart gap at 99.96.
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Chart gaps often act as magnets, and the allure of the gap combined with strong support could cause a 10% correction.
The daily (non-log) chart also shows trend channel support around 106.
The short red line has served as resistance and may continue to do so.
Near-term support is around 106, but failure to hold 106 should lead to 100, which may be a good buying opportunity.
Simon Maierhofer is the publisher of the Profit Radar Report. The Profit Radar Report presents complex market analysis (S&P 500, Dow Jones, gold, silver, euro and bonds) in an easy format. Technical analysis, sentiment indicators, seasonal patterns and common sense are all wrapped up into two or more easy-to-read weekly updates. All Profit Radar Report recommendations resulted in a 59.51% net gain in 2013.
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