11 Sessions up uP UP - Is Apple Immune to Macro/Global Events?
Weekly Chart
> After pushing over resistance line and coming down to support line, price is selling off in the 176-180 area
> Price could make another rise towards 180 before falling lower
> RSI's recent dip below 50 and strong bounce up precludes either a move up towards 200 or a move down towards 150
> Stochastic is leaning bearish for me even though %K shows a bullish signal - I will be watching %D
Daily Chart
> I know the usual reasons - gamma squeeze, sideline cash, Apple is so great, blah blah blah - and yet I cannot understand why this stock rose for 11 straight weeks
> RSI dipped below 33.33 and made an unusually strong rally that moved RSI over 66.66 (this rarely occurs on daily charts); I am now looking for the slingshot to reverse at least partially
> Stochastic definitely indicates selling to come as %D rounds down from the overbought zone
> Today is an inside bar for now and intraday needs a bounce
I am waiting for price to be at/above 20sma on 30min chart to buy puts and stock is oversold on 5min chart. Tomorrow may offer a better entry. I will buy 20May puts to hold position through earnings.
> After pushing over resistance line and coming down to support line, price is selling off in the 176-180 area
> Price could make another rise towards 180 before falling lower
> RSI's recent dip below 50 and strong bounce up precludes either a move up towards 200 or a move down towards 150
> Stochastic is leaning bearish for me even though %K shows a bullish signal - I will be watching %D
Daily Chart
> I know the usual reasons - gamma squeeze, sideline cash, Apple is so great, blah blah blah - and yet I cannot understand why this stock rose for 11 straight weeks
> RSI dipped below 33.33 and made an unusually strong rally that moved RSI over 66.66 (this rarely occurs on daily charts); I am now looking for the slingshot to reverse at least partially
> Stochastic definitely indicates selling to come as %D rounds down from the overbought zone
> Today is an inside bar for now and intraday needs a bounce
I am waiting for price to be at/above 20sma on 30min chart to buy puts and stock is oversold on 5min chart. Tomorrow may offer a better entry. I will buy 20May puts to hold position through earnings.