Tuesday, August 19, 2014

AAPL Takes Psychological $100

These are the kind of targets head fakes head for, areas where retail is attracted to, areas they'll have limit orders to buy. Thus these are also the areas where stronger hands hand off their shares to weaker hands, the facilitator is demand, the trigger is a psychological level that creates demand.
AAPL hits exact $100 resistance until just after noon time today...

You probably can imagine what happens when strong hands abandon positions and leave them with tapped out (margin/negative investor net worth) retail....

AAPL will be on the radar, although just crossing the psychological levels isn't a call to action, it's usually the last step before that call to action comes in to play. Don't forget AAPL's strong weighting on the NASDAQ 100 as well.

For those holding AAPL (I know a few of you are), we'll likely get other signals before this kicks in, but to give you an idea of where I'd be looking at a stop for the bounce trend that started 8/8-8/11...


The 60 min Trend Channel has held the entire AAPL move since it started with the market out of the week long base on 8/8 - 8/11. The current stop on a closing bar basis is $95.25 and will continue to move higher locking in more gains.

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