AAPLTalk QuickTake, 8/28/13 Market Close: AAPL Bounces, Lightly, Near a Quintuple Confluence Zone and Establishes a (Temporary?) Parallel Channel

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.

15-min chart:

aapl-15min-082613close

– Lower parallel channel trendline mostly held when AAPL briefly visited 486.00 today.  The longer AAPL remains in this channel (though it’s a little big at around 20 points), the more useful it might be.  Breaking out of the channel either way may be instructive.

– Added a “mid-channel” (pale blue) line to the parallel channel for ease of composure tracking.

– Mini H&S formation concern depending on tomorrow’s price action?  We’ll have to see – the entire market fell off a bit near the close, though AAPL did fall off more than some other stocks.

– From a micro standpoint, AAPL held where it had to for now.  23.6% retrace still untouched, and AAPL is once again trying to hang around the top trendline of the base uptrend.

– AAPL oversold on the Williams oscillator on this timeframe, but at a higher price.  Could be worse.

– Fun fact:  AAPL closed exactly in the middle of its intraday range.  And some people say AAPL pinning and other “fun stuff” doesn’t happen… *dons tinfoil cap*

Hourly chart:

aapl-hourly-082813close

– Nothing much new here, except that MACD-h is trying to go positive again (lately, it’s mostly been in negative territory).

– The potential micro H&S from the 15-min isn’t noticeable on this timeframe.

Daily chart:

aapl-daily-082813close

– Not the best of green candles as MACD-h spends its second day in negative territory (no big surprise considering the selloff from yesterday, that day will continue to influence the MACD-h readings for a little while).

– Intermediate uptrend picture really hasn’t changed, though it’s less secure than it has been in days, maybe even a couple of weeks.

– AAPL bulls would obviously prefer to not have to deal with the formation of a right shoulder on this chart.  Something to keep a eye on, maybe.

– EMA-8 now at 495, which AAPL did “bounce off of” today as it attempted to break above 496.  Lower BB continues to rise and provide implied lower price support – it’ll probably be in the low 450s by Friday.

Down 3%, up about half a percent isn’t the most inspiring of snapbacks by any means.  But who knows what’ll happen next.  Best of luck tomorrow.

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