#AAPL Bias & Levels Update for Monday June 13, 2016 by @mocktrade
AAPL continues to
have issues getting and holding above 100
following the Warren Buffett headline from almost a full month ago, which the
chart is telling me AAPL
is very likely now on its way to 95.50-95.30 zone
while/if holding below 98.45 with 100 as the line in sand (LIS) for
sellers. I am also thinking that if not for the FOMC rate decision this week
the auction is definitely suggesting a 93s/92s
retest (93.95 & 92.40) before making another attempt to
get/hold back above the key 100
level.
While waiting on FOMC rate decision AAPL may also consolidate between 100s and 95s; if so the
move to 93s/92s may not come until after rate decision, which I would prefer rather than occurring before
rate decision in order to confirm a solid bullish bias in the weeks ahead. If 93s/92s area does not hold post FOMC rate
decision I will expect odds to be more in favor for AAPL heading to 82s
before the very important 76s/75s target area.
Currently I am holding a new AAPL Strangle with a Jan 2017 expiration which was engaged last week for the FOMC
rate decision. If the bearish scenario just mentioned does play out to the 76s/75s area I will most likely be buying
with both hands once/if reached, or if AAPL
reacts positively to the FOMC rate decision I will ideally then like to see AAPL with a daily close above the
first key low volume area (LVA) at 102s-104s
zone to increase the potential for the Call side of the Strangle reaching its primary objective with AAPL getting/holding
above 110 before yearend.
Ethan Premock
Futures & Options Strategist
Hamzei Anlytics, LLC
Futures & Options Strategist
Hamzei Anlytics, LLC
