AAPL getting pinned to the 330 level for expry

[Jackn8]

A weak open by AAPL moving to the 330 level which was previous support.

Stock Market Today thread:

$330 seems a consensus support level including a double Fibonacci confluence. This article suggests a break below $330 equates to a bearish trend suggesting a test of the $300 level and no additional significant support points are highlighted.

Maybe there are additional support levels as highlighted here, but I am not sure that the difference between $315 and $318 is anything to write home about. As the linked article says 'In a stock as volatile as Apple, it’s best to think of support and resistance as floors rather than perfect price points that trigger an automatic shift in position if broken.' I would be very hesistant to place trades based on support levels of $315 or $318 if we lose $330 (by far the most significant IMO).

 

[amit1986]

It did lose $330 today. It went down to 329.14, formed a hammer on the 3-minute chart, and bounced nicely. Currently at 331.71. But given the volatile nature of the stock, it would have been extremely difficult to trade it unless you have an appetite for large risks.

 

[Mr. Charts]

AAPL has moved in lockstep with Nasdaq today.
It's always worth noting what the relevant index is doing as that is often the motive force in the price movement of larger stocks as they are bought and sold in basket trades linked to the overall market.
Richard

 

[amit1986]

AAPL has moved in lockstep with Nasdaq today.
It's always worth noting what the relevant index is doing as that is often the motive force in the price movement of larger stocks as they are bought and sold in basket trades linked to the overall market.
Richard

I thought it was the fall in AAPL and GOOG early in the morning that drove the NQ's down??

I just don't know if it is even possible to trade AAPL without having some sort of opinion based on where it is going to go...the spread is wide and price is wild - all lead to choppiness. I was quite confident, after the formation of the hammer, it was going to bounce as the NQs were also showing signs of strength, but even with that confidence, it was too dangerous of a trade.

 

[Mr. Charts]

Could well be, Amit
Richard

 

[Jackn8]

That AAPL traded like a champ, now just to get over this 350 level before the chase comes on for new highs

 

[Jackn8]

Still chopping in that 350 range, you would expect AAPL to be getting more a of a lift when the indices are making highs, so this is not overly bullish, but it could easily play catch up later in the week.