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Apple Shares Hitting Critical Support Level

Wednesday, November 2, 2016 7:17
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(Before It's News)

apple-logoTech titan Apple Inc. (NASDAQ:AAPL) is reaching a critical support level, writes technical analyst Corey Rosenbloom, which could see the stock drop another 7% or more.

Will AAPL shares hold support at the current pivot or will sellers break price lower? That’s the $600 billion question right now.

Get your trades ready and follow along with what happens here at $112.00 per share:

Apple shares resumed the higher timeframe UPTREND with a bullish reversal in May 2017.

From there, shares continued trading higher from the $90.00 key level toward the current $118.00 high.

A negative volume and momentum divergence in October set the stage for a high-probability pullback (see our “Perfect Pullback” Strategy) toward the rising 50 day EMA which overlapped the lower Bollinger Band at $112.00.

With that expected sell-swing retracement complete, we take profits on short positions and look to position to trade the immediate movement AWAY FROM $112.00 per share.

Should buyers once again step into the market, we’d trade a likely bullish rally off support to continue the uptrend.

However, a sudden bearish breakdown that continues through $110.00 opens the market for a steeper, short-term reversal opportunity through the “Open Air” pocket toward $104 per share.

Either way, get your trading fingers ready and trade the departure from $112 without bias.

Apple shares rose $0.66 (+0.60%) to $112.15 in Wednesday morning trading. Year-to-date, AAPL has gained 6.43%.

This article is brought to you courtesy of Afraid To Trade.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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