I see support at $513, $450, $390. Yesterday I took some profits from my trade at $515 level on the expectation of a small bounce today. This also coincided with a bottom of a 15 minute channel (see below).
Importantly, Apple has remained weak despite the market moving higher but recently SPY has been struggling to make new highs. If SPY fails to move higher today breaking through $513 becomes a lot more probable. Today's price action is important.
My gut is bearish and that $450 is a likely outcome - but let the charts do the talking.
Comments
PW
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Closed the other half of my short while we retrace to the downtrend line shown above. The downtrend very much remains intact for AAPL and plan to reshort.
In summary a profitable trade, the TSLA puts yielded 150% returns on my first half my short but much less than that on second half. I regret not selling at the bottom of the channel given the intersection with a key support level.
PW
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As expected $513 proved to be support, if the top of the channel doesn't hold, I will exit trade $525 and close the other half of my short. On reflection, I should have just closed my entire short last night given the two support factors
PW
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The market is showing weakness - today's price action will be important.
In summary a profitable trade, the TSLA puts yielded 150% returns on my first half my short but much less than that on second half. I regret not selling at the bottom of the channel given the intersection with a key support level.