AAPL will soon make a break….

Merry Christmas
December 24, 2012
Will GOLD restart an uptrend?
December 27, 2012

 

aapl60m

 

Good day to all, today we focus on AAPL as it can make a push to new lows towards 480$ or 550$. Current price action is inside a sideways triangle that will soon break support or resistance and come close to one of our targets. The triangle resistance is at 522$, while the support at 510$. If prices trade for more than an hour outside of these limits, then AAPL will move accordingly towards 480$ or 550$. Another support level is the low at 501$ which if broken, then downward trend towards 480$ will be confirmed. The 500$ level  is not  only a round psychological support but also where a long-term upward sloping trend line meets current prices. Above 522$ prices find resistance at 525$ and 535$. If broken, the trend is confirmed towards 550$. Chances are more in favour of the short trade as the correction in AAPL that started in September still looks incomplete. Combined with the absence of an upward impulsive move, chances are that upward waves are corrective.

As always, thank you for taking the time to catch up on my thinking.

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.