Apple’s Chart is Telling Traders It’s a ‘Buy’ Right Now

Each stock respects different moving averages, and for the past two years or so, AAPL has respected its 100-day simple moving average better than any other moving average in the daily time frame. After bumping into it on Sept. 16, which at the time also coincided with a 50% retracement of the rally off the June lows, the stock bounced the following day with follow-through buying on Sept. 18.

On Friday, Sept. 20, AAPL left a somewhat concerning outside day candlestick behind on its daily chart, which is why I wanted to wait for Friday’s high to again be reached to fill the downside gap from Sept. 11 before entering a long-side trade. This happened on Monday on positive news regarding iPhone sales, and it is now time to get long AAPL.

Recommended Trade Setup:

— But AAPL at the market price
— Set stop-loss at $482.20
— Set initial price target at $520 for a potential 6% gain in 2-4 weeks

Note: Learn more about the strategies Serge Berger uses to create a profit in the market every day. Download his trading plan in the “Essence of Swing Trading” eBook by clicking here.

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