AAPL Weekly Update 8/9/13

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We ended the week with approximately $20 loss from the highest level of the week to the closing price today. As we broke the resistance #1 two weeks ago, this week, we were unsuccessful to break out resistance level #2.

Overall, we are still in the bullish channel . The momentum is still intact. However, I believe next week will be the key here. The uptrend intercepts the resistance #2 next week, where we will be forced to test resistance at $464 again. If we are unable to break it (and stay above there), we will be pushed outside the bullish channel (RED BOX - the bearish scenario). In this case, we might expect to see the confirmation of bearish reversal.

If we succeeded in breaking above $464, the resistance will become the support. In the bullish scenario, the bull flag will be confirmed, and we will be testing the resistance #3 at $500 the week after.

Disclaimer: I am neutral on AAPL             and have closed all the options this week with about an average of 100% gain on all call options trades.
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