Last time I posted an analysis on AAPL the stock was at 570$ after the earnings miss. I then mentioned the extremely important support level that the stock was at the time. Many of my blog followers took advantage of this analysis and now they ride this upward trend having raised the stop level according to their risk tolerance.
Technically speaking, the rise from 522.18$ still looks choppy with overlapping waves. Similar to the major US indices. April highs are being tested and bears are struggling in the corner. This pattern has the potential to unfold to a bigger upward move. Support levels on a daily basis are found at the 600$ level and at the 580$ level. Resistance is the previous high at 644$.
As shown in the 60 minute chart above AAPL is possible to make a pull back towards the middle Keltner channel support near 615$ or even 610$. The rise from 570$ looks impulsive. The possible wave counts are suggesting that it is very possible the rise from 570$ is over and a correction is due. So be careful with your long positions. For more help on how to trade this stock profitable, don't hesitate to contact me.
Thank you for reading my post.
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