Apple (AAPL) and Freeport McMoran (FCX) support and resistance…


It’s been awhile since Apple underperformed the market. This week Apple is down 6% while the SP 500 is down 1%. The way I see it, Apple sets up nicely in this vicinity with a few key support confluence areas nearby.

Apple’s stock price opened and hit $92 during the August 24th mini flash crash. This equaled the size of the 2012 decline ($40 points) and it coincided with the 2012 high as well ($94.59). This setup a great buying opportunity for those who were quick and brave enough to take it.


Apple’s support going forward comes in the $103-104 area, and then $95. Resistance stands at $118 and then all that’s left is the highs at $132-133.


The next chart is Freeport McMoran. FCX largest shareholder is the famous activist investor Carl Icahn. The first pattern I see here is the symmetrical lower lows that come in about $8 apart (24, 16, 8). If $8 continues to hold, it sets up the likelihood of a move back up to $16, which is the prior swing low and would match the size of the last failed retracement rally.

The next resistance levels would be $20 and then lastly $24. If the stock price can somehow get above $24 there is some serious room to run here.

Want to learn how to trade and analyze the markets? Whether your a day/swing trader or investor wanting to learn how to analyze trends in the financial markets, there is something in The Trading Playbook for everyone. 


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s