Apple ( AAPL ) is breaking out to the upside this morning, 2/9/09. Today is the first time Apple has broken $100 since Mid December when the stock topped out at $103.60. This area will be big resistance and traders are likely to sell their aapl shares into the strength. www.stockcharts.comApple stock has gone from $78 to $100 in three weeks, incredible run!
What if $103.60 is closed above? If the strength in aapl shares continues and Apple closes over $103.60, I'd expect Apple to eventually test $110 which is the next resistance level. I'd be using a tight stop at about $103 if I am trying to hold for a possible retest. No sense in giving back any of the huge gains of late by being greedy.
Apple Support:
I think it is now safe to by Apple stock on pullbacks to the 10 and 50 day moving averages. If you notice on the chart above, the 10 broke up and crossed the 50 day moving average. This is a bullish set up going forward. It finally appears Apple has bottomed below $80.
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