Two Perspectives on AAPL Right Now

The short term and the long term.

How's it going? I want to give you two really important perspectives on AAPL stock right now. I want to give you a quick short term perspective on AAPL. Then I want to pull out and do a longer term view on things. Yesterday, we bounced against resistance at about 147.00 again, and again, AAPL was unable to break that line.

We've seen this happen a few times recently, making that a really significant threshold to watch. Once AAPL crosses that line of resistance, I think we could see a small push up to 149.5, or even potentially all the way up to 151.00. But we're not going to see that until we get above and stay above 147, and that hasn't happened yet. So that's the line to watch for right now.

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Now, let's zoom out a little bit and talk about AAPL in a long-term view. We'll start by focusing on its channel:

If you look at those two black lines as the top (resistance) and bottom (support) of the channel, where would you say we are right now? Well, I would argue that when we bounced last Monday, we were pretty close to the middle of the channel, and that's about where we've stayed ever since, right around $141 The same is true if you look at the weekly chart. In fact, it looks like we've been compressing over the last few months.

Our confirming indicator for the weekly chart also just crossed over into the bullish territory. If you've been paying attention, you know that September hasn't historically been a great month to trade AAPL, so that might not be a big surprise. But October typically has been strong. And I think we could turn around and enter a momentum period pretty quickly. So right now, I'm waiting for a high-probability setup with a HUGE risk-reward. As I've said before, patience is the ultimate virtue when trading. There's no point in rushing into a trade if it isn't right. Waiting for the right trade is the core way to build a system that really works. And that's why I always close every email by saying… Trade Safe, Micah

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