AAPL ($450.72): After moving back below $450 early Monday and trading as low as $442′s AAPL managed to claw its way back into the black for the day and finished back above the key psychological level that is $450. Monday’s candle leaves little room for error on the bullish side of the trade as I want to see the momentum into the close continue thru Tuesday’s open if it is finally going to be steady above $450. A good reference point is $447.42 as that is the midpoint of Monday’s doji candle. Above Monday’s high of $452.36 and $455 is the next key resistance level.
What’s interesting to note is that each of the last 4 months (Feb-May) AAPL has closed in the $440′s (on a monthly closing basis) so now I feel like it is time to get moving higher if it is going to make a run at $500. January’s close of $455.49 is a nice breakout point. Since February 15th, AAPL has only closed 4 green days above $455.49 and has never closed back to green days above that price level.
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