Apple Inc. (NASDAQ:AAPL) hit the master gap fill level of $249.25 this morning on the back of heavy selling in the markets. For any swing trader or day trader who follows technical analysis, this was a no brainer buying opportunity. Gap fill is one of the top ten plays utilized by technical traders to make solid returns.
The gap formed after Apple reported their quarterly earnings on April 20th, 2010 in the after hours market. The stock gapped higher the next morning. This created the gap that technical traders will play to the long side, once it is filled. After hitting an all time high of $272.46, Apple sold sharply in recent days filling the gap at $249.25.
Since that gap fill this morning, Apple has jumped back higher, hitting a high of $258.14. That is a whopping $8.89 profit in just one day. Learn the technical levels, join the Research Center.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
