Mixed messages from AAPL around these upper levels (in terms of the intermediate trend). Will the parallel channel hold tomorow, or will a micro bear flag threaten its validity?
Not much to say this QuickTake, so we’ll let the charts do the talking today and AAPL price action tell the story tomorrow.
Yes, they’re three non-div-adjusted moving averages (since AAPL doesn’t get the benefit of the doubt, I primarily go with those numbers since they’re higher), but combined with an established support/resistance level and a useful price channel sub-trendline…you don’t normally see so many points/areas of reference so close together.
AAPL saved the 485ish battle of the bulls for another day. Meanwhile, in addition to a new parallel channel, at least for now, what do we have? Time for another QuickTake through the charts.
Off and running, dashing through the
snow charts with another QuickTake:
That rally sure didn’t last long, did it.
“QuickTake” (get it?) means what it says on the tin, shorter-form commentary on the charts (which I may be doing a lot more often since it saves on words and a bit of time), so here we go:
This was one of the slowest AAPL trading days I can remember. A range of exactly four points. An extended period trading within a range of one point. A lack of resolution of the 500-505 upper airspace in which AAPL is still battling resistance. Again.
It was just, so, boring to watch for much of the day.
And yet, did one of two things “change” at market close? Did AAPL give a potential signal, however small, that consolidation may soon be at an end? Well, let’s go to the charts!
Well yes, of course it does, sorta. 😀 But no question it was a strange trading day.
There’s already a well-known despot who’s quite popular with various YouTube memes griping about it. (You know the one, that “Downfall” scene that never seems to get old.)
Since AAPL and the entire NASDAQ didn’t trade for half the day, we only have about half a day’s worth of data to go over. Anything useful? Well, let’s do a quick chart check, starting with the 15-min as we often do:
So I realized that there are limits to even my patience with all the disclaimers. 😀
It’s in my blog logo (which I might reword in the future since the current focus is much more on AAPL than Apple). It’s in the “About + Disclaimer” link. We’re all adults here (but a hello to the younger readers just in case!). And the regular readers by now know better than to interpret any reads or “for fun” predictions of mine as actionable advice.
Going forward I’ll try to be cutting down on the self-deprecation and repeated disclaimers within each post, but don’t worry, I remain your humble correspondent. Maybe a bit more confident-sounding since I’ve typed a few dozen posts, but otherwise no difference. I’ll just be saving some keystrokes and hopefully delivering more direct and concise content moving forward. And if it saves you guys some aggravation, which is also an intended benefit of the slight change, then great!
First off, as I warn all the time, I make no claim of expertise.
As seen by AAPL not going micro bearish just yet. So I’m “pleased” to tell you my Out on a Limb™ market call for AAPL today was wrong. (Who likes to be wrong?)
So where are we now? Things just got even more tense than they were yesterday, it seems!
Starting with the 15-min chart:
Now there’s the kind of bad pun-esque post titles I “like”.
Is there a head and shoulders in play in the first place? As anyone who’s read a recent post knows by now, I make no claim of expertise. So what does the 15-minute chart say?
Thanks to the occasionally more than a couple dozen regular visitors to this site! Hope you find it good clean tabloid entertainment about AAPL the stock and Apple the company, if nothing else.
And if you happen to like the blog, please feel free to retweet, link and recommend to others!
And following this maybe-appeal to fuel my king-sized ego – let’s call it a form of motivation to keep updating the blog – we now return to our “regularly scheduled programming”.