Thursday, October 11, 2012

Apple Inc. (AAPL) Short-Term, Oversold Bounce

In my previous post, I outlined the Fibonacci support (ambush) zone for AAPL based on an extended move to date.  The area of major support is $567 to $535.  Yesterday's bounce at $623 was in the ambush zone from $567 to $705 highs.

The second chart shows the series of measured moves down.  If the series breaks, we can trade all the way half way back from highs to lows.

The target is still $567.00, but there will be relief rallies along the way.

6 comments:

2fe1288e-133c-11e2-b18d-000bcdcb5194 said...

Hello Jamie, If shorts fail to act, we are looking at a retrace level to 659+ something, is that what your chart indicates ?

Jamie said...

Hi,

If shorts fail AAPL retracement range is $663 to $673

chin said...
This comment has been removed by the author.
john said...

AAPL ambushed at the open per your script - - hope you made a bunch.

2fe1288e-133c-11e2-b18d-000bcdcb5194 said...

Jamie, AAPL acting as you have mentioned. relief rally seems to be over.key is to see it it holds the 100MA. GOOG is bringing the market down big time. Any thoughts on these ? Thank you.

Jamie said...

Hi,

Yes, large cap tech is very weak. See my new post for my thoughts and next levels for AAPL.