On 12/25/2011, I wrote about AAPL hitting $410 and $420
resistance areas several times in the past and then turned
back down. See the post here.
The following is an updated weekly chart, extending the
support and resistance lines to this week.
AAPL’s action today (1/9/2012) is not a positive sign of trying
to break out of the resistance in strength. The following hourly
chart shows:
1. Gapped up then down most of the day.
2. Down volume is greater than up volume.
3. In the last hour, it lost its relative strength to the market.
For swing traders of AAPL, watch its price action CLOSELY
for the next few days for signs of continued weakness or
renewed strength. If it does go down, it could hit $400 area, the
bottom of the up-trending line.
Disclosure: I own AAPL options positions and may initiate
new positions in the next 72 hours.
