Pre-Market -02-03-10- Apple Round Up

Published on Wednesday, 03 February 2010 08:38

New York, Feb 3^rd (TradersHuddle.com) – Shares of Apple Inc (NASDAQ:AAPL) are trading fractionally lower in pre-market, trading $1 off yesterday’s close.

Apple stock today is not trading on any particular news or momentum driving event, and it just seems to be trading in accordance with the market.

Apple’s price action yesterday defined a range that could be use for short term trading pivot points. The intraday low was $193.38 its intraday high at $196.15, any break of this range will certainly be watched by traders.

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.

We are anticipating below average volume today, as no significant events are affecting the stock.