Approaching Support: Apple
Published on Tuesday, 29 January 2013 05:48 Written by TradersHuddle Wire
New York, January 29th (TradersHuddle.com) - Shares of Apple, Inc. (NASDAQ:AAPL) ended the trading session close to calculated support at $435, a level that will raise the attention of traders looking for an entry point.
Apple's stock range is defined by its calculated support defined at $435 and by the resistance level at $514.99. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to Apple's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $514.99 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Apple, Inc. closed at $449.83 in the prior trading session.Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets personal computers, tablet computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, and a variety of distribution channels. Apple through its ITunes store sells third party music and video content, its applications store sells Apple's own and third party software applications for its iPhone iPad, and iPod products.