I last analysed AAPL on 18th March and my conclusion was that I would wait for a break above the February pivot high before considering a new position on this stock.
This has not occurred and, despite the buzz and excitement around Apples latest earnings announcement today, I will still be standing aside until I get confirmation that this high has been taken out.
While I anticipate AAPL continuing to trend up I expect, at the very least, the daily 50sma to act as better support of price than it has done on this chart in the past. Yesterday's gap up is still below the recent pivot high so there is no reason to enter a buy position on this stock right now.
This has not occurred and, despite the buzz and excitement around Apples latest earnings announcement today, I will still be standing aside until I get confirmation that this high has been taken out.
While I anticipate AAPL continuing to trend up I expect, at the very least, the daily 50sma to act as better support of price than it has done on this chart in the past. Yesterday's gap up is still below the recent pivot high so there is no reason to enter a buy position on this stock right now.
