This is the first time in a long time I am wee bit bullish on Apple and let me explain why…
1. We sold off A LOT in the past couple of days and are now getting a tad extended
2. We are at support on the weekly/daily as well as a VERY long term support trendline
3. The intraday chart on the micro basis (last 10 min) closed pretty bullish with some volume coming in.
4. We look awfully similar to 11/15 (would like today) and 11/16 (would be MAYBE like tomorrow)
time will tell but right now I think the R:R is in the favor of the bulls on Apple right, especially since the earnings are coming up… This could send the stock flying back up. This is purely based on the recent couple month action… The expectations are not high now and beat could mean some want to “BUY” the news instead of what we saw in $LEN And $FB today.
Trade accordingly. Take a look at the charts below (click to enlarge), there are many notes on them.