I stopped out of a failed counter trend trade at no gain. But the big picture on AAPL remains bearish per this weekly chart, which has the details.
The world was short AAPL too, but I continue to be long it for a trade. The close at and above the 50 day averages is encouraging. It’s make or break (target around 500) because all previous rebound attempts have failed at the 50′s.
Well, maybe not. Maybe it is just the same old tech company with a chart that looks like it can continue to bounce. I bought a modest position for a trade on Friday after posting the chart here. It’s still looking constructive for a bounce, perhaps to fill the gap.
I have had a downside target of 300 going since AAPL broke from its topping formation, but it looks like it could bounce (at least) here. There is a gap up over head.
Meanwhile, on the downside it has filled the early 2012 gap, has diverged by RSI and is making an interesting look on the MACD. Could happen.
300 has been loaded since the neckline broke at 500. Time will tell. AAPL is trying to make a weekly Hammer at a visual support area. Maybe for a bounce. 300 remains in play for later though.
e = external link
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Transitioning from the world of gold misery to the world of electronic gizmo manufacturer misery, Apple’s daily chart continues to target near 300 a share. I type this on my iMac and I really like this company. The stock however, still looks like it wants the low 300′s.
It could fill the noted gap but then resume its decline if it does not get decisively above the 50 day moving averages and the neckline to the H&S topping pattern.