#StockIdeas: Technical Analysis shows #AAPL could be heading to $590 in few weeks


Updated December 23, 2013 ‚óŹ 647 views
AAPL Daily Chart

Apple (AAPL) has been battered in the past few weeks after it reached the $570 area. It pulled back as much as $540 last Thursday.

But looking at the daily chart gives me a reason to believe it could rebound and head for $590 in few weeks. Plotting Fibonacci retracements on the daily chart shows $590 could be the nearest tartget at 161.8% level.

I see the same price target looking at the hourly chart. The hourly chart, also shows an uptrend channel formed with the current trading price of $550+ sitting at the lower support trendline. It's also just above the hourly 200ema line.

 

*Remember trade at your own risk. Always do your own research and analysis before you trade.

 

DISCLOSURE:

UPDATE 12/19: Bought JAN18 570C with stop below the hourly trendline support.

UPDATE 12/23: Holding calls. Up 73%.

 

Previous AAPL call:

Also Read:


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2 Comments

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0

up 73% on fridays call.

David · 7 years ago
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0

good call! AAPL up more than 3% today.

money101 · 7 years ago
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