Finally, we're revisiting
) this week.
, Apple was just starting to break out above it's the downtrending resistance line that's held shares lower for months. And sure enough, in the sessions that have followed, Apple has quietly made a move to test its last swing high at $466.
>>5 Dividend Stocks Ready to Give You a Raise
That price is the nearest important resistance level for the stock; traders should treat a move through $466 as a buy signal. If Apple's downtrend is truly broken, we'll want to see the stock make a series of higher lows and higher highs. Now, the $436 billion firm is finally in a position where it can start to do that. This week's price action could get interesting for Apple bulls.
I'm still recommending buyers keep a protective stop on the other side of the 50-day moving average; it should start looking like a decent proxy for support when a move through $466 happens.
I also featured Apple recently in "
5 Stocks the Smart Money Hates -- But Should You?
" and "
5 Huge Stocks to Trade in May
To see this week's trades in action, check out this week's
Must-See Charts portfolio
-- Written by Jonas Elmerraji in Baltimore.
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