I’ve added one additional but unofficial price target to the AAPL (Apple Inc.) Active Long Trade idea. AAPL was posted as a long entry on Wednesday a mere 14¢ or 0.15% off the lows & has so far gained near 7% since then. The sole official price target remains 100.50 for now but I’ve also added an “unofficial” second price target at 104.95 for longer-term or less active traders that might want to hold out for additional gains.
AAPL 60-minute Jan 22nd
So far today, AAPL was rejected off the initial tag of the downtrend line on this 60-minute chart, which is to be expected as initial tags of key support & resistance levels typically produce a reaction. My take is that AAPL will likely power up through that downtrend line soon (today or early next week) but could still struggle with the horizontal resistance which comes in just above around the 100.56 level (my price targets are typically set just below the actual resistance level).
Should APPL pull back off the 105.50ish level or possibly a deeper pullback off the downtrend line that was hit today, I would expect it to find support between 98 & 97, which would be an objective area to recycle back into the trade, with stops place somewhat below the 97 level while targeting a continued move higher towards the second price target of 104.95 (which is set about 70¢ below the actual resistance, as I’d expect the sellers to start stepping in early as/if we approach that level.