- The Apple chart looks pretty interesting to me and I thought I’d bring this to everyone’s attention as we’ve given up on testing the 50-day EMA, which is an important technical analysis indicator.
- We also tested the 50% Fibonacci retracement level just for a bounce.
- This is something that is catching the attention of technical traders everywhere.
I believe the upper level of $245 is a small barrier. So if we can break higher, I think that would be a very positive sign. If we drop from here, then the $235.34 level is a support area based on the 61.8% Fibonacci retracement level and, of course, the previous action.
Note that Apple has an earnings call in about two and a half weeks, so that would have an impact on market participation, and April earnings calls are always a bit noisy. Many times Apple will go in on an earnings call and then sell off during it. So that makes this potential pullback and buying opportunity a little more intriguing. I’m not interested in short Apple. It’s one of those Wall Street darlings that you’re better off waiting to find an opportunity to buy instead of fighting the “everyone’s buying Apple” narrative.
A long history of strength
When you look at it, you can see how things turned out. In the last 10 years or so, things have improved quite a bit. It’s been a few years of consolidation, but everyone knows that if you bought Apple a while ago, you’d probably be rich. I think that’s still the position we’re seeing, and eventually we’ll go to the $260 level. In the short term, however, I’m looking at $245 for a daily close above it to go long again.
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