Chart Review: Apple FINALLY Closes At A Week High But Resistance Awaits
Dr. Duru | Jun 10, 2012 04:25AM ET
On Friday, Apple (AAPL) closed at its highs for the day and highs for the week. This has not happened since April 5th (holiday-shortened week) with AAPL a day away from its last all-time closing high. For about the next six weeks Apple sold off almost every day with the company goes into this year’s Worldwide Developers Conference (WWDC). This change can best be seen in the weekly chart. I first show the daily chart which clearly marks specific turning points and mini-trends in the stock. In particular, note that AAPL is now resting directly under resistance at its now declining 50DMA. If the WWDC is somehow a dud, we should know pretty quickly.
Note that trading volume has been particularly light during Apple’s brief consolidation after the last downtrend ended. This is more of a footnote than anything. Volume surges are more important in this day and time.
Be careful out there!
Full disclosure: long AAPL call and put spreads
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.