About 10 days ago, I commented on Apple: I think Apple is a good buy at this price. But be aware, technically Apple may decline in the near team towards $100 but I doubt it will be more than that. Buying Apple at its weakness will be a great gift for long term! This was when Apple was trading around $108. My timing and prediction appear to be perfect as Apple almost immediately declined following its iPhone 7 debut to about $103. I started to hear about talks that Apple could go down to middle $90s. But amazing things happened in the past few days: Apple has mounted a 3 days of strong rally to over $115 today. As I'm writing now, Apple has broken out its strong resistance of 5 months old around $112, a quite impressive bullish move!
If you bought Apple when I talked about it, especially if you had the gut to get in when it dropped to $103, you are having a nice gain over just days. But don't get too excited about this move. While long term Apple has clearly shown an uptrend and it can easily challenge its next major resistance around $125 in the weeks ahead, it is quite overbought short term due to panic buying (likely because of massive short squeeze). I won't be surprised to see it get down below $110 as the next immediate move. Take your profits if you are in for short term only but stay long if for long term!
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