MarcPMarkets

AAPL Intraday Supports On Watch For Longs

NASDAQ:AAPL   APPLE INC
49 0 1
APPL             has been demonstrating strength for some time. From a purely technical standpoint I view recent weakness as as possible buying opportunity on a day trading basis. If price can retrace back to the 92.22 area, I will be looking for bullish validation and set targets in the 93.50 to 94 area for an intraday trade. If price only retraces to 93.40 area and price action validates to the long side, again I will look to take a position and set targets in the low 95 area. These type of trades should unfold over the course of the trading day. If you are feeling more aggressive and want to hold onto a partial position, an aggressive target would be at the previous swing high up in the mid 97s.

Keep in mind if price action does not validate at the anticipated levels, it is possible to enter scalp traders on continuation patterns that follow the initial push off the support area. The point of this analysis is to provide levels to anticipate if price can get back to these levels. If not, then further evaluation is required before any positions can be justified. Also keep in mind, as a buyer, make sure the SPY             or the S&P             futures are also showing signs of strength. I

If the broader markets are weak, price has a greater chance of violating these support levels.

Developing a thought frame work and mindset that facilitates consistency is one of the toughest parts of being a professional trader. I wrote an article that addresses 3 elements that I believe are required to promote consistency in your trading. Read it: http://unconventionaltrader.com/?p=321






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