AAPL Weekly 8/2/2013

BATS:AAPL   Apple Inc
114 0 0
For the past 5 weeks, we have been moving a long a bullish channel . This week, we arrived and broke the strong down-trending resistance line.

This is important for a few reasons.
#1: as shown on daily charts from yesterday, this down-trending resistance line was tested multiple times, but rejected each time, sending the stock down each time. As we break through this line, we find ourselves a fairly clear path to the next resistance line around $500.

#2: it appears that AAPL             has become more resistance to the negative news. For example, the new Moto phone release, the ebook trial, the ITC             import ban, and today's downgrade (by Standpoint research) has not affected the stock price at all. In fact, we are seeing higher highs in the past 5 weeks, despite of these news.

I do want to point out, however, is that the volume has been bit low. Any unexpected negative news (such as delays in hardware releases) could easily lead to a large gap down.

I am long AAPL             .
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