AAPL has just broken out of a 1 month consolidation after managing to crack 128.50.. I like idea of taking it long on a slight pull back to the break out point for a move to 131.50/134/135.50. The NAS has just broken the ATH high so this trade is contingent on momentum follow through and positive reaction to the FED meeting and rate announcement on Wed. The safest play is to wait until after that announcement and enter long if the reaction is positive for tech stocks.
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T1 hit.
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T2 hit at 134.
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T3 hit. Targeting ATH now. May need to pause to get over Apr 29 high.
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Expecting a pull back now. Either price will shoot up to 138 for pause and pull back to the 134 area. Would like to re add to position so hoping for a pull back. Longer term targets will be the 886 fib and ATH. Here's the look.
@kidzmoney, Price usually likes to retest breakout points so yes that is likely. I will be looking for price to consolidate then break higher. It may consolidate back to 129/128 or it may consolidate higher and then break. If you are not in this already any trade I would take before the FOMC on Wed would be an intraday trade. It would be very risky holding through the rate decision. Best case scenario... Price pulls back going into the FOMC then breaks out afterward.