First position I've taken so far this morning and I couldn't help myself. Apple (AAPL) has been getting hammered lately, but I'm finding good reason to get long on it this morning at $637.69.
1. You have a huge sell-off that seems to happen once a quarter. Each time this has resulted in an excellent buying opportunity.
2. You have a piercing of the lower Bollinger-Band. Nine times out of 10, this leads to a near-immediate bounce in the stock's price.
3. Not shown below, but easy to do on your own (would make the chart too messy) is the perfect 50% retracement on the Fibonacci.
4. Perfect test of the trend-line off of the May lows. We touched it this morning and have since bounced.
5. Massive support at $620 that should stop any additional bleeding going forward. I've placed my stop-loss at $613.46.
Here's the AAPL chart.
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Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>