Apple Inc. (NASDAQ:AAPL) in the key range it created after reporting stellar earnings on July 20th, 2010. The trading day following those earnings saw Apple gap higher to the $265.00 range, only to sell off to $254.00 level into the close. That range has created what I call a box trading range. Since then, the stock has not traded outside of that range once. Instead it has bounced up to the $265.00 level, then back down to the $254 level. It continues to jump back and forth. The key will be when it breaks the range one way or the other. Should it break the $265.00 level, the stock should trade back to the 52 week highs at $279.01. If it breaks the lower box level at $254.00, expect the stock to fall to the 200 moving average, currently at $228.00. To get more information, swing trades, guidance and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
