Stock, Option and Futures Trading
AAPL $500 – Buy or Sell?
There is a lot of talk about AAPL $500. Most people are just thinking $500 is a physiological level of resistance but $500 is actually a calculated target off the last wave.
Of course stocks can get extended and go through targets and the $500 is only a target on the Daily so if the weekly or monthly kicks in from here AAPL could go up another 100 points. I would not enter here thinking of it going up 100 points but if AAPL pulls back into the $460 level that could be a good buying opportunity depending on how the overall market is setting up.
I would be trailing the stop on AAPL to the low of the prior day even if that is tight. If stopped look to re-enter on a pullback. Or stop out of half and look to re-enter that half at lower prices.
We are down today taking out the lows of yesterday on the ES. We will most likely go back and forth here but not take out the highs of 1352. The market is still strong it could just be the start of getting weaker. We will not know until next week if there will be follow through to the downside.