After the US congress passed a bill to avert the fiscal cliff crisis on New Year's day, the market exploded to the upside on the first trading day of 2013. As all good leading stocks do, AAPL helped on lifting the market by open strongly. But it quickly ran into the 555 resistance level and pulled back. Although it held the opening gap, but it is encountering resistance at 549.
During the last month of 2012, AAPL appears to be establishing a support level near the 505 to propel it to regain some of its recent losses. AAPL has the potential to reach the 595 in the near future if it reclaim the 555 level.
Here is a video reviewing the recent price actions and price levels for $AAPL to hold & reclaim in order to continue its upward move in the near future.
Click on this link to view the video if you do not see a video player on your screen.
Wishing everyone a Happy, Healthy and Prosperous 2013!
Disclosure: Long AAPL CALL
