Posts Tagged ‘Key moving average for apple’
I do not look at weekly charts much but when I do it is for a very important key support level. When under the 200 day moving average it is more difficult to find obvious support levels for stocks, most traders look at trend lines or price levels, I look at moving averages, and I found a strong one on the weekly time frame that I posted on my blog a few days ago, and since then the stock has arrived at that level and found support.
On the weekly chart Apple is now pegging the long term 50 week simply moving average that has held as support for the past three years. It held up right at this level yesterday and is above it in the pre-market. This is an incredibly high probability entry that I will be taking.
We are now at short term support levels and if they hold I will be buying here.