Apple (AAPL) Chart Update | Bulls on Wall Street

Apple (AAPL) Chart Update

Apple is still sexy and everyone wants a piece of the action.  The company, the stock, the iPad, etc. are still not out of style or tired… they arguably still make the best tablet and the App store puts them above the rest. Side note – some of the android phones are super sweet.

Currently, the simple  AAPL trade is still intact.   The impressive run started back in September with the larger market move and hasn’t looked back since.  Even with the Jobs news, the overall pattern continues to hold.  It’s all about SMA50 and the bullish channel.  Right now, we’re right smack in the middle of the channel, placing me in a neutral position.  We’re too close to the recent highs for me to play to the long side, but a break of 365 will likely bring in buyers, including me via Call options at the April strike near the top of the channel (Monday channel top should be 370).  Until 365 gets taken out, I’ll just watch.

On the hourly chart, 360.30 offers up an opportunity for longs to participate on break of resistance.  If you have a little more risk tollerance, you might consider this as a trade for move to 365 via option Calls or you might get a good price on April Calls for 370.

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