AAPL: how support becomes resistance

Taking a look at a 30day intraday chart of AAPL for the month of May and we can see how support from early in the month near $580 has become resistance at the end of the month. Those same longs who thought the stock wasn't going to break $580 and were buying there likely got out before it fell 10% to $530 but this level still represents formidable resistance for the short term...so keep an eye on the action for hints at direction.

Technically its difficult to figure out if AAPL is carving out an inverse head and shoulders that, when broken, will lead to a $50 extension to the upside, or if the stock is in a high wedge that is sucking in new longs that will bail in force if the stock falls below $560 and drive the stock back to its mid May lows or lower. The jury is still out on that one but probably not for long. Either way AAPL presents many intraday trading opportunities, or longer swing trade setups, if you just know where to look.