AAPL Chart – April 13, 2009 – Pre-Market

I charted Apple (AAPL) before the markets opened on April 13, 2009.

• AAPL is hitting potential resistance at the point of its high where it gapped down in September 2008
• AAPL is at the high end of its current trading channel, close to its short trend line of higher highs
• Williams %R still shows strength, but that will be the indicator to watch this week to see if it breaks below overbought signaling a sell

Opinion = AAPL should take a break and dip some before breaking to new highs.  At a minimum I expect AAPL to slip to its 10 day moving average which is close to the short trend line of higher lows.  I also could see AAPL coming back down to what used to be resistance (line not drawn) just above $100 where the highs got snuffed in December 2008 and February 2009.  If AAPL comes down anywhere near $105 I’ll consider making it a buy.