AAPL is down 2.6% today, apparently with some pre-earnings jitters going on. This happened in AMZN last week as well. I know, because I was nonplussed while observing it.
Understand that this update is for those who want to play casino patron ahead of earnings. As we know, the market can greatly reward or severely punish these marquee names on earnings. That said, here’s the AAPL technical situation.
The stock broke out of a downtrend line and above its 50 day moving averages last week and zoomed higher with the market on Friday. Today it is dropping to fill the gap. A thick support zone begins at that gap.
The weekly does not look like a thing of beauty to me, quite frankly. But it has held a long-term trend line and is easing down into the support zone.
Buy Target: 115 to 113.
Sell Target: 132 or anywhere lower that profit is considered acceptable.
Stop Loss: Below 112 (strict), Below 110 (more lenient)
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.