Watch where AAPL closes today. At the end of the trading day if it's above 85, go long, with a stop under 85. I would be a little apprehensive about going short under 85 just because of the oversold conditions. If AAPL does continue lower, it will likely retest 85 to the upside (as resistance) and provide another opportunity to get short, so don't chase.
Monday, December 22, 2008
Apple @ 85
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2 comments:
What are you thoughts on the action AAPL will see over the next 3-4 weeks? Looks way oversold...thx
I ultimately think support at 85 will fail. If long I would sell on strength, with a stop below $84.50 (or whatever the recent low was). If going short, wait for a break below $84.50. As long as it churns, like the last few days, it has a better chance of working off those oversold conditions - but that, plus strong support at 85 was why I liked AAPL for a trade initially.
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