Stock Update: AAPL Where to Now? A Long Term View Part 2

In my last post, we started to see that the long term view of AAPL looks bearish and raised the question whether we are due for a fall in AAPL.

With this weekly chart over a 2 year period, I have identified 3 support levels - $191 (long term support), $270 (medium term support #1) and $240 (medium term support #2). Since the end of August, AAPL has moved up nicely in price and in volume. This is a good sign that participants are there to support the price in increasing numbers.

You will however note that the candles are getting a little extended beyond the Bollinger Bands the last 2 weeks and we shall see whether this week ends up strong or weak to turn the MACD down where we may see some downward action, consolidation before resuming the uptrend, or sidewards action like we saw between April - September. Anything is possible.

Should we go short at this time? Take some profits off the table?

Disclaimers
1. This article is not intended to provide investment advice and is an expression of my own opinion. Readers act upon this information at their own risk.