Technical Analysis On Apple: Stock Hits Key Level
By Wed, May 6, 2020
Shares of Apple Inc (AAPL) moved higher today as money flow continues to favor the big trillion-Dollar technology names. While investors, funds and the media continue to rush in, the technical analysis on Apple is screaming caution. Apple has rallied 50% since its late March 2020 lows. Today Apple hit gap window resistance, a key factor for any chart technician. Smart investors that follow the technical analysis on Apple are selling the stock and even taking short positions.
Based on technical analysis on Apple, I have two levels. The first hit today at gap window of $303.00. The second level is the gap fill from February 21st, 2020 at $313.00. Smart money is accumulating a short position from here until there. The upside on Apple in the near-term is limited while the downside would be a pull back to as low as $240.00.
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About the Author
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
