Appears that Apple has a cup and handle forming and the handle is about to finish if it can close above $138. Watching close. Have a small position and will load up if it completes.
Comment:
Cup and handle completed! I loaded up with a ton of options. Let's see if I'm right
Comment:
Previous cup and handle potential was ACAD, but the handle failed to complete. The other 2 calls that completed were BOOT, and TTD. Look at my earlier calls on here. Btw, target for AAPL looks to be about $170
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Who's in AAPL
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Since AAPL seems to be taking time to pop, I'm selling credit spreads to compensate for the decay
Trade active:
Our target price on AAPL is $170
Comment:
This has been a nasty one here. The cup and handle is still valid but nearing the breaking point if it drops too far
Trade closed: stop reached:
Price closed below the cup handle so we are closing this trade as a failed cup and handle. Cup and handles (one of the most bullish patterns there are) don't fail too often after completing but sometimes they do fall apart as this one did. I'm bailing on my 80% pf my positions in Apple. I will hold some because I'm still bullish on the stock overall and I think we could still recover but the price target we had is no longer valid. I think we could still see $150 in the near/mid-term.
