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Apple Surges Into Key Resistance Range

Monday, October 18, 2010 0:31

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Apple Inc. (NASDAQ:AAPL) continues to remain strong as rumors of a possible stock split float. While this rumor seems to be keeping the stock higher, it is important to look at the technical levels of the chart. The stock has risen from just over $230.00 to a high today of $266.52. This move has occurred in just over one week. In addition, the stock has now hit a double top level and gap fill resistance point. The double top level is from the gap up on July 21st, 2010, after earnings were released the night before. This price was approximately $265.15. In addition, just above this area is a key gap fill from June 28th, 2010 at $268.30. This $3.15 range will act as a major resistance level on Apple. Look for a possible short term pullback. To get more insight, analysis, guidance, swing trades and education, join the Research Center.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

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