Monday, November 2, 2015

AAPL Apple Weekly Chart Testing 50-Week MA and 200-Day MA

Apple is at an important juncture. AAPL parked itself exactly at the 50-week MA resistance at 119.50 over the weekend. Price will either bounce or die from this level. In late 2013, price broke up through the 50-week MA, back kissed, and then took off higher without looking back until the failure in August three months ago. The 100-week MA was critical support for price back in late 2013 and early 2014 and price came down for a look in August only to bounce so a move back to the 50-week was on the table, and occurs.

AAPL price may stagger along in the 105-125 channel going forward and eventually roll over to the downside as the year ends and new year begins. There is a gap fill needed at 124-ish so this hints that price will move higher to button-up the top side. Watch the 50-week MA at 119.50 as a key metric for Apple going forward; bulls win above bears win below. The opening bell rings and price bumps a smidge higher to 120 in the opening minutes. The 50-week MA is 119.57. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 4:54 PM EST: AAPL begins the week up +1.4% to 121.18 with a HOD at 121.36. Price exceeds the 50-week MA at 119.60 which is a big win for bulls. Interestingly, price now parks itself directly on top of the 200-day MA at 121.16. The same drama that occurred today is on tap tomorrow only for a different moving average. Apple will either bounce or die from the 200-day MA at 121.16. Marrying the two key MA's, treat the 119.60-121.16 level as a key support/resistance gauntlet. AAPL bulls win big above 121.16. Bears win big under 119.60. The gap fill target at 124-ish remains on the weekly chart. Ditto the daily chart and in addition the daily chart has that gap at 127-130 which is big enough to drive a truck through and will need filled at some point in the future. The Apple weekly chart remains long and strong so price should move to higher highs after any pull back occurs on the weekly basis. The monthly chart remains unenthusiastic. So Apple may remain happy during this month but then fade as the year ends and new year begins.

Note Added Tuesday, 11/3/15, at 10:47 AM EST: AAPL is at 122.45 up +1.1% on the session and printing a HOD at 122.61. Check that; price just prints another new HOD at 122.63.

Note Added Tuesday, 11/3/15, at 3:52 PM EST: AAPL hits a HOD at 123.49 that is close enough for government work to fill the gap from late July. There still remains that huge gap at 126-130 from mid-July. The Apple 2-hour chart is negatively diverged wanting a spank down in the very short term time frame but price should come back up again for a higher high in the daily time frame due to the long and strong MACD line (say down on Wednesday maybe Thursday then back up Thursday or Friday).

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