Mid-day -02-02-10- Apple's Round Up

Published on Tuesday, 02 February 2010 15:18

New York, Feb 2^nd (TradersHuddle.com) – Shares of Apple Inc (NASDAQ:AAPL) are trading fractionally higher , underperforming the overall market that is up b 1.01% at the middle of today’s trading session.

Apple stock today is not trading on any particular news or momentum driving event, which right now is evident on its tight range. Today’s range is defined by the intraday low at $193.38 and its intraday high at $196.15.

Current Apple’s price action has been contained within yesterday’s intraday range of $191.30 and $196.00. However a new higher low has developed at $193.38, which can be used as a pivot point for a new trade to the upside.

Apple’s shares have defined support at $190.25 and resistance set at $213.71, which provide a wide range not conducive for momentum trades. Current price action places the stock close to support sparking a long opportunity on the stock.

Apple stock is currently trading below its 50 day moving average at the $203 area, but well above its 200 day moving average at $175.54, both the 14 day and 20 day moving averages have developed a negative slope during the last five days.

Volume is on the light side, with the stock trading below its average volume threshold with no big inflows coming into the stock.