Chart of the Day: Apple Is Starting to Sweeten
The stock is in a 'quiet period' before it readies for a big holiday selling season, it appears on to be building a base.
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Not much has changed for Apple AAPL over the last few months, as the stock continues to build a long base.
The big-volume-day that printed in September was at a slightly higher price than the current level, but each time Apple looks to penetrate $225 and break lower the buyers step in to pick up the stock. There have been several occasions when this happened over the last couple of months, so we'll call $225 as good support for now. Some good overhead resistance until it clears the $240 level.
The indicators are not in bullish mode here, but as the stock moves sideways these indicators are trying to reset, perhaps for a bolder move higher down the road. The company has been relatively quiet since last posting earnings in late October and its event in September.
But with the holidays approaching fast this is the time when Apple starts to flex its muscle and produce some great sales momentum. There have been doubters throughout history but they have been woefully disappointed over and over again.
We like Apple and rate it a "Two" in the Pro portfolio.
TheStreet Pro Portfolio is long AAPL.
