Apple

Apple, AAPL, has fallen quite a bit from its highs. Weekly chart below.

www.freestockcharts.com

The Fib retrace is drawn from the lowest point on the chart to the highest rather than from the start of the up move to the end. I did this because it fit better this way than the other way. There are lots of interactions with the Fib levels, I went ahead and labeled them sequentially. Currently the price is being interacted with by the 38.2% Fib level (point "7") and the 100 week MA. I wouldn't say that a breech of the 100 week is a definite buy signal but it wouldn't hurt the bullish case. A breech of the 38.2% would make the next major resistance point be the 50% or about 360.00.

There isn't really a trade here, maybe a buy will pop up if price action can break the 100 week but even if it does that it has the 23.6% retrace and the 34 week river to fight against. I think the safest thing to do right now is stay out of AAPL and wait. Just because it's fallen a lot doesn't mean it's cheap.

The point I circled is a doji, a candlestick with no body. This means it opened and closed at roughly the same price. Dojis can be a sign of reversal. It isn't an important point in this chart but it struck me as a good example of a reversal doji; so there it is for what it's worth.

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Do your own research before taking any position. I do not currently own any AAPL and do not plan on buying any within the next 72 hours.