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My top tip for trading Apple
Apple is due to report its latest earnings, and after the release of two new iPhone models in September, the company expects revenue to be at the high end of its guidance range.
Here, trader Serge Berger offers his advice on how to trade Apple as a stock. His top tip as usual is to wait until after the earnings have actually come out, but says that Apple is "trading very well
technically".
He explains that over the past six months, Apple has built "a very nice bottom from a technical point of view" and it’s now coming
into the "first real resistance area".
As a result, Serge feels that it’s a make or break from a medium-term point of view for Apple. From a long-term point of view though, he feels it’s "difficult to fight against Apple" as it’s
such a leading player.
In terms of levels, Serge says the initial resistance area is around USD 545, which is 50 percent retracement of the entire sell-off - from the September 2012 top - to the April
2013 bottom.
He explains there will be initial support at USD 490, which is where the 50-day moving
average is. But he thinks a second and better support will be found around USD 455, made up of a "confluence zone of support of the 100 and 200-day moving average".
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01:33 minutes
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