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How Do You Like Them Apples At $637.69 - 5 Reasons To Buy Apple (AAPL) Right Now

 October 08, 2012 01:09 PM
 


First position I've taken so far this morning and I couldn't help myself. Apple (AAPL) has been getting hammered lately, but I'm finding good reason to get long on it this morning at $637.69. 

1. You have a huge sell-off that seems to happen once a quarter. Each time this has resulted in an excellent buying opportunity. 

2. You have a piercing of the lower Bollinger-Band. Nine times out of 10, this leads to a near-immediate bounce in the stock's price. 

3. Not shown below, but easy to do on your own (would make the chart too messy) is the perfect 50% retracement on the Fibonacci. 

4. Perfect test of the trend-line off of the May lows. We touched it this morning and have since bounced. 

5. Massive support at $620 that should stop any additional bleeding going forward. I've placed my stop-loss at $613.46.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

Here's the AAPL chart.

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