A lot are talking about Apple breaking key technical support. It has, but the stock has fallen similarly 2 times before (see a monthly chart for $17 moves) and followed with a big rebound. When you project the 2 historical moves from the all-time high, Apple has "symmetry" support at 116.72-117.14. Combined with a 618 retracement at 116.05, look for Apple to to hold this zone (116.05-117.14) and - hopefully - start another rebound from correction territory.
Heading to 126.11 ---- right into resistance (126.15). Wouldn't be surprised if the stock ended there today for a bull/bear tug of war.
NICE. SNAP BACK.
Whomever thinks Technical Analysis means nothing should think again!
Openend within 2 cents of my called zone. Still hasn't triggered a buy but it has cleared very short term resistance. Next real resistance line at 126.16. More concern at 127.48-127.56.
not broken until market opens.....122.01-122.37 key technical support. If it breaks that, then next support line not until 119.74.
Based on the current bid/ask, AAPL needs to hold 122.01-122.39. Below that zone, 119.94 is the solee support line before a retest of the July 7 lows.
If we get some unlikely optimism heading into the open, a more ideal support zone is 124.47-125.25.
Let's hope cooler heads prevail. Fundamentally, the stock seems to be on solid ground. For anyone who listened to the conference call, Tim Cook was bullish on so many fronts .... but especially on the almighty iPhone growth prospects.
FYI - a hold of either of the above zones ---- look for 136-138 technical target. All based on symmetrical prior moves combined with Fibonacci analysis.
A lot of price resistance to get through though... would think AAPL would trade more like a Treasury in times like now, but it just doesn't. Good yield and much better upside.
Maybe need to go through some pain before earnings. That should right the ship.
Also technical timing to note...not a lot of people follow it, but when you chart the low to low points you'll see March 12 - May 6 = 39 trading bars; Mar 6 low to the current low is 38 trading bars. Symmetry in time can mean resistance (1 day variance allowed, so yesterday is in the window). I know it sounds whacky, but it works, especially when the stock/index is extended, which AAPL is, i.e. it hit a 1.272 Fibonacci extension yesterday.