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Thursday, 5 December 2013

Buy Apple- win at higher risk buying @ 570

Previous signal to watch:
Apple finally signed iPhone deal with China Mobile
Apple jumped from 565 to 578 but dropped back to 574 even before the market opened & can try to reach 580 but might already be too high
Stronger support @ 560, next possible support @ 570 but is unconfirmed as stock futures dropped sharply after Unemployment Claims data
Look to buy Apple @ 560 or higher if it stays above & go higher, for 30 minutes expiration

Update:
China Mobile said it has not signed a deal with Apple & they're still negotiating, commenting on the report that Apple signed deal with China Mobile
“We are still negotiating with Apple, but for now we have nothing new to announce"
Apple's stock weakened but support should still be strong
Trading risk increased for buying Apple

Result: 1 win at higher risk buying Apple @ 570
Unemployment Claims data & news of Apple & China Mobile's deal not confirmed yet started to weaken Apple's stock
Apple dipped slightly below 570 but rebounded quickly
Although possible support @ 570 was not as strong as 560, it showed that it's strong enough to stay above it after the rebound
Apple expired @ 572.12 at 11am EST

It also started to build resistance @ 572 therefore not safe to trade anymore
Apple stayed above 570 until 2pm EST
It finally dropped below 570 & turned it into resistance near end of the day


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