IIFT Daily Note with Peter Brown

Apple battle rattles rally.

Posted by:  |  Time: 7:56 am  |  Topic:  |  Comments: 2
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The market took a breather from the New Year rally yesterday. Apple testing 500 support and Obama outling the debt ceiling issue stalled the market. We believe the uptrend is still intact so we need to find support from where the rally will continue from.

This morning we are testing support at 1460  further is at 1456    these down moves should be restrained to 100/150 points. So support should come in around these levels.

Euro is toppish at 1.3400 for the time being support is at 1.3300

wait for the tone for the trade and be aware of shorting down here.

2 Comments

Peter O;Hagan

January 15, 2013

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Hi Peter,

Now that Apple has slipped below 490… Do you think it will retreat all the way to 499?

Peter

    Peter Brown

    January 15, 2013

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    Below 500 is trouble as you can see from the chart. 420 400 is target . But it will be volatile.