Apple (AAPL) Chart Getting Back On Its Feet

I have had a position of short calls at the 400 strike on the book for the majority of 2011 and am closing them today for good profits.  While the trade has another 30% of profits to go, I am seeing the chart of AAPL starting to look good again and hence prefer to take 70% profits instead of waiting it out for the other 30% of option premium to decay.

On the chart note how the key  330 level held on a closing basis.  Further note the what I consider to be a bull flag, on the chart denoted in the downward sloping light blue dotted lines.  AAPL has managed to break above it, giving it a hightened chance of riding back to the previous 2011 highs and higher.

Leave a Reply

Your email address will not be published. Required fields are marked *