Apple Inc. $AAPL

Screen Shot 2016-08-04 at 6.52.18 pm

AAPL is peeking above is multi-month downtrend line. Looking for it to clear $106.30 with strength before going higher to about $110. Its hourly chart also has a well defined uptrend support.

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Apple update

Tom Demark called Apple’s bottom yesterday. He described himself as a timer, not a technician, so lets square up the current technicals for Apple. Its sitting right above its 100WMA & a long term trendline extending from March 2009. Assuming there isn’t another great crisis coming, this can be seen as a strong support. Weekly RSI hasn’t been this low since late 2008 to early 2009.

Short term resistance would then be 505 followed by 529.

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Apple trade update

Sold off all my Apple longs for a decent gain over 2 weeks. Where Apple goes, so does the Nazz. Next couple of months will be important to trade tactically. Despite December being a seasonally bullish period, lots of macro headwinds causing choppy markets.

Lots of companies bringing dividend payments forward into December to escape the possible tax increases next year.

Amongst other things, GS upgraded Crocs to a Buy. Will write up on it soon.

Apple update

Is Apple going to form a big head & shoulder? Last Friday it put nice reversal back to 530 strong support range identified earlier. Short term resistance of 540 then 550. This week is the seasonal shortened Thanksgiving rally week into Black Friday will help consumer sentiments a little.