Will Apple (AAPL) Hold Or Fold At This Key Level?

Hands down, one of the strongest stocks in the market right now is Apple (AAPL). After the stock’s meteoric rise, the value of the company has reached $3 trillion dollars in a first for any company in the world. However, will this momentum continue or will the stock give back some of those gains from the past several weeks?

Looking at the chart on AAPL right now, you would be fighting the trend to take any short positions. If you were to look for any short plays, traders would want to keep a close eye on the 190 mark. This whole psych number would almost assuredly lead to lower prices should the level give way.

However, the best risk reward of this trade may come at the top of the channel AAPL has been trading between for quite some time. Indeed, if the market does continue to lose some steam, another pullback could be in the cards. If a pullback does take place, it would most likely be cause by a stock like AAPL giving back some of these gains.

There’s a catch to this trade. If the 190 holds, we could see a push back toward all-time highs. If this happens, the level to watch for a break to the upside would be 194.5. Mark both of these levels on your charts today, so you are ready for whatever tomorrow brings.

Learn to trade like this for yourself when you join The Profit Machine. There, you’ll learn all about my favorite stocks, setups, strategies, and plenty more. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.