Here we are again. The ol’ $590 price level, where Apple Inc. (NASDAQ: AAPL) has found some sort of attraction.
Is this a bullish shelf forming, or is it the end of a bullish trend we’ve seen since November 16th?
Over the last six trading days, AAPL has decreased in volume and decreased with its Average True Range (ATR). Today, AAPL hit a resistance of 594 and immediately sold off the first hour and a half of trading.
Good News for Apple
Apple has announced today the expansion across the globe with the iPhone 5 and is expected to reach 100 countries by the end of the year.
According to PCMAG.com, Yahoo Inc. (NASDAQ: YHOO) has revealed the most popular search terms over the past 12 months and guess who came out on top? Apple. The iPhone 5 dominated and the $550.00 at Amazon Marketplace was the most-searched device, followed by the iPad and iPod.
See how the AAPLTrader Community is trading AAPL stock right now at AAPLTrader.com
What Does the NASDAQ Chart say?
So far the NASDAQ futures (/NQ) have formed a Gravestone Doji, which signifies a reversal at the end of a trend. With this pattern, we might start to see some selling in the near future, and if the price breaks 12,900, next support is around the 12,600 level.
#1 points to the gravestone doji mentioned above, this shows slowing momentum.
#2 points to the an edge or dip in the volume profile. Volume profile shows the volume over price rather than over time. The edges of value often become support and resistance levels.
#3. The Acceleration / Deceleration Oscillator also shows a slowing momentum.
It’s important to study both theAAPL Stock chart and the NASDAQ stock chart because Apple is the highest weighted stock in the NASDAQ.
You can often find clues and correlations in the two to look for confirmation of what you were thinking.
Right now, I’m thinking the markets are still bullish, just slowing a bit.
- Micah -
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