As usual there is not much reason to be on AAPL ( Apple ) stock, with the release of its new products and a game changing new watch, there are no major fundamental signs or technical indications of a fall in price. After the usual post announcement pull-back and consolidation that seems to affect Apple , we seem to be nearing the limits of this symmetrical triangle that has been forming since the days leading up to the announcement back in the beginning of March.
3 bounces on the 50ema have proven it to be acting as dynamic support, matching the bottom trend of the triangle.
The most recent bounce closed as a minor hammer/doji reversal signalling the end of the recent down trend and most likely a long move for the continuation. Just like we have seen in the past with this stock.
To top it all off we can see there is support at the 122.50 level, most likely a result of the 0.382 zone.
A good entry order for this stock would be 126.5, giving price enough room to breath through the upper and reverse or take the breakout. A great stop-loss here seems a no brainer. 121.50, well below the 50ema and and also below the last swing low bounce on to the 50.
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