The Apple Pain Train has Arrived
|1 hour Apple|
After 5 days of declines shares of Apple surged higher today into a 600 pivot level eventually pushing as high as 609.70 in after market trading. You can see from the 30 min chart above Apple appears coiled under the 610 level. If this resistance level fails to the upside 620 could be the next station the train stops at.
It is indeed quiet interesting how apple rallied very un-randomly into the 600 pivot level in a single day as short covering beget short covering. The market that sells together squeezes together. The game is now will 600 hold? or will 610 be taken out first? My guess is if we get any type of positive spin tomorrow 615 will be tested on its way to 620.
|30 min Apple..notice how the break dow at 620 alluded to 567.5 two session later.|