Posts Tagged ‘AAPL chart’

The Support Shelf and Trading Range to Watch in AAPL

The Support Shelf and Trading Range to Watch in AAPL

Courtesy of Corey Rosenbloom at Afraid to Trade 

Apple Inc (AAPL) frequently receives a great deal of media attention on their recent iPhone and iPad gadgets.

However, their stock has been stagnating in a trading range between$240 and $270 since May.

There is a critical support area – particularly from the weekly chart – that traders should be keenly aware of, so let’s see these levels and the bigger picture with Apple’s stock.

First, the daily trading range:

As the daily chart shows, Apple has a clear overhead resistance boundary at the $265 per share level, despite the ‘bull trap’ spiking up to $275.  .

Thus, Apple bulls have their alerts set at the $265 level as the upside breakout level to punch through.

The lower boundary actually is rising, as seen in the ascending trendline, which will make more sense as you view the weekly chart.

Volume has trailed lower during the consolidation phase, but given that it’s summer and stocks in general exhibit lower participation/volume during a trading range, this is nothing to be concerned with yet.

Remember that in a trading range, moving averages matter less, so look to the trendlines as more important indicators.

Now,
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The Apple AAPL Arc of August 11

The Apple AAPL Arc of August 11

Courtesy of Corey at Afraid to Trade

I wanted to call your attention to an ‘arc’ formation that is completing in Apple (AAPL) stock at the fresh 2009 highs.  Let’s take a look.

Apple AAPL chart

As price has swung powerfully from July’s $135 lows to August’s (so far) $165 highs, price seems to be taking a pause in a normal/natural retracement ‘topping’ arc formation that has also formed a clean negative momentum divergence.

Notice the numerous dojis (which reflect indecision) as price completes the visible arc, which can be reflective of a gentle transition from buyers to sellers (or of demand giving way to supply).

We’d have to see price break beneath $160 per share to expect a deeper pullback/retracement to test the rising 50 day EMA at $150, so keep your eye on that level to see how price reacts as the downswing/pullback continues.

For now, Apple remains in a convincing rising uptrend structure, though if price were to break beneath the solid 50 day EMA, that would be perhaps a first sign that the trend was weakening, which could bring in additional selling.

Were the arc to complete fully, it would forecast a ‘mirror image’ retracement back to the $135 level which would reflect price support.  Until then, let’s monitor the action for additional clues.

Corey Rosenbloom, CMT

 

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THE ONE CHART THAT SCARES ME

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THE ONE CHART THAT SCARES ME

Courtesy of The Pragmatic Capitalist

Apple has had done a remarkable job during the credit crisis of 2008.  The company navigated one of the most treacherous times in consumer spending with innovative product placement and perfect product pricing.  But the ride hasn’t exactly been smooth for Apple shareholders.  After leading a 5 year parabolic rise in tech the precipitous fall last September sent tech stocks tanking.   Apple has become the leader of all high beta names.  And as we all know by now, beta is where the momentum junkys play.  They can control the near-term price movements of the entire market.

The biggest problem with Apple is that it now represents over 13% of the Nasdaq 100 – arguably a more important index these days than the Nasdaq itself.  What does this mean?  It means Apple’s trading will essentially drag tech and the Nasdaq 100 around by the nose.   In addition, Apple’s recent surge isn’t coming off of an oversold based like we saw back in March.  The most recent price surge is driven almost entirely by speculation and rally chasers as opposed to the bargain hunters we saw in March and April.  This makes Apple shares highly susceptible to quick downside movements as momentum players bail out of high beta names for safer assets.

The recent parabolic rise in Apple shares have not only brought the stock near its all-time highs, but makes for an incredibly overbought and expensive stock at 25 times next years eanrings, 29 times last year earnings and a PEG ratio of 1.65.  Apple currently sits 15% above its 50 day moving average and is up 85% year to date.   Those are uncomfortable numbers for someone like myself who is a firm believer in mean reversion.  Apple’s upward trajectory is simply unsustainable despite what technicians might tell you about “relative strength”.  More importantly though, if Apple were to take a near-term nosedive it’s not unlikely that it would take the entire tech sector with it – and that’s not something this summer rally can afford to happen.

aapl chart

 

 


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Zero Hedge

Walmart Transforming 160 Parking Lots Into Drive-In Movie Theaters

Courtesy of ZeroHedge View original post here.

In May, readers may recall we said social distancing would revive drive-in movie theaters in a post-corona world. And boy, were we right.  

A press release via Walmart on Wednesday (July 1) said, "Walmart is transforming 160 of its store parking lots into contact-f...



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ValueWalk

The "Next Netflix" Has Finally Revealed Itself

By Mauldin Economics. Originally published at ValueWalk.

A sleeping giant tech stock has awoken. It’s already handing out monster gains. And as I’ll show you today, it’s just getting warmed up.

Q2 2020 hedge fund letters, conferences and more

In fact, it won’t be long before this stock is mentioned in the same breath as hall-of-famers like Netflix (NFLX), Facebook (FB), and Google (GOOG). That’s right. The next great tech stock is growing up before our eyes.

I don’t say that lightly. Within a few years, this compan...



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Phil's Favorites

Coronavirus deaths and swelling public sector debt share a data-quality problem

 

Coronavirus deaths and swelling public sector debt share a data-quality problem

Different countries report coronavirus data differently. Shutterstock.com

Courtesy of Marion Boisseau-Sierra, Cambridge Judge Business School

Watching scientists, politicians and journalists struggle to compare national death rates from the coronavirus pandemic, I had an acute case of déjà vu. Though the virus may be novel, the confusion generated by inconsistent data standards is anything but. It’s something I&...



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Biotech/COVID-19

Coronavirus deaths and swelling public sector debt share a data-quality problem

 

Coronavirus deaths and swelling public sector debt share a data-quality problem

Different countries report coronavirus data differently. Shutterstock.com

Courtesy of Marion Boisseau-Sierra, Cambridge Judge Business School

Watching scientists, politicians and journalists struggle to compare national death rates from the coronavirus pandemic, I had an acute case of déjà vu. Though the virus may be novel, the confusion generated by inconsistent data standards is anything but. It’s something I&...



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The Technical Traders

Wild Volatility Continues As US Markets Attempt To Establish New Trend

Courtesy of Technical Traders

We’ve continued to attempt to warn investors of the risks ahead for the US and global markets by generating these research posts and by providing very clear data supporting our conclusions.  Throughout the entire months of May and June, we’ve seen various economic data points report very mixed results – and in some cases, surprise numbers as a result of the deep economic collapse related to the COVID-19 virus event.  This research post should help to clear things up going forward for most traders/investors.

As technical traders, we attempt to digest these economic data factors into technical and price analysis while determining where and what ...



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Kimble Charting Solutions

Nasdaq 100 Relative Strength Testing 2000 Highs

Courtesy of Chris Kimble

The tech bubble didn’t end well. BUT it did tell us that the world was shifting into the technology age…

Since the Nasdaq 100 bottomed in 2002, the broader markets have turned over leadership to the technology sector.

This can be seen in today’s chart, highlighting the ratio of Nasdaq 100 to S&P 500 performance (on a “monthly” basis).

As you can see, the bars are in a rising bullish channel and have turned sharply higher since the 2018 stock market lows. This highlights the strength of the Nasdaq 100 and large-cap tech stocks.

...

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Chart School

US Dollar with Ney and Gann Angles

Courtesy of Read the Ticker

Where is price going, is there strength or weakness in the chart?


Previous Post on the US Dollar : Where is the US Dollar trend headed ?


The question is always what will the future price action look like ?


This post will highlight the use of lines generated by angles. Not trend lines, as trend lines require two known points on a chart, where as angles require only one known point and a angle degree to draw a line. The question then becomes how is the angle degree determined.



There are two theories: ...

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Lee's Free Thinking

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

 

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

Courtesy of  

The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.

The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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