APPLE Stock Analysis[private_GANN TRADING GROUP]
We now turn to a price chart analysis of APPLE computer stock (symbol: AAPL).
APPLE is a unique stock in many ways and it’s price strength is one. It’s presently at it’s historical price strength and the trend is upwards.
Presently, AAPL is in a sideways moving market mode. This itself means that the momentum is slowing and we’re wedging into a time period when we’ll either continue the previous uptrend or break the present up trend and move trend to the downside instead.
APPLE is such a powerful part of the US Stock Market that, should it stumble and fall downwards, then, surely the rest of the index would be likely to follow as this would be bad news for the economy. This being the case then, we should carefully watch this particular stock to gauge the strength or weakness of the overall market.
There are two important pivot points to watch for these events.
The first important pivot point to watch is the 135.00 Resistance price to the upside (should daily prices close above this price it would indicate a BULLISH Buying point and a renewal of the strong up trending market).
The second important pivot point to watch will be the Bearish Support price of 122.50.
Should daily prices close below the 122.50 pivot price (and, especially should the entire daily range be below this price), we’ll have a very strong indication of a break to the downside in trend. – George[/private_GANN TRADING GROUP]