Big rewards if you get it right
When a stock is in a strong uptrend - then one should buy the dip. The best place - the level at which multiple supports converge.
Let me share one success story: Apple stock
Apple stock back in May 2016 was down and out. It was a pullback - buying opportunity in a bluechip stock
Apple Stock at Horizontal Support Level in May 2016
Why Apple stock can bounce from current levels...the stock is at solid support levels pic.twitter.com/8khPxXhRE6
— Deepak Singh (@smarket) May 3, 2016
As if this was not enough - Apple stock reached another support level of 200-week ma few days later
Apple is at 200 week moving average NOW - The Utlimate Support level pic.twitter.com/c9ujiMkwiz
— Deepak Singh (@smarket) May 13, 2016
Just see what Apple stock has done from those support levels (200 week ma + Horizontal support level) - It's back to the old high
Apple stock has rallied 40% from the support levels. That's HUUGE for a large cap stock in just under 9 months.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers