Apple Still Rangebound After Fed Decision

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Apple Inc. AAPL shares were trading lower by $1.12 at $115.29 in Thursday's session. The trading action in the issue has ground to a halt after tacking on roughly a $1 in both Monday's and Tuesday's sessions.

After nearly having an inside day Wednesday (missing by $0.01) on the upside, the issue has traded in the $115 handle for the entire session. That is very uncommon for an issue that has a nine-day average trading range of $3.25.

For now, the trio of highs on Monday-Wednesday from $116.53 to $116.89 has capped the huge rally from its Flash Crash low of $92. At this time, major support is hard to identify. If Monday's low ($114.42) is breached, the next identifiable support level may not come in until last Friday's low ($111.76).

Following the Fed announcement, the issue spiked to $116, dipped to $114.67, but has rebounded back into the $115 handle for now.

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