My previous article talked about AAPL filling the pre-earnings gap to test the 560ish area. Well, now it’s been filled. The highs of 567.69 on April 24th have been breached. What now? Well, AAPL needs to hold this mini support line of 564-567 area, or else it’s going much lower.
My reasoning behind this speculation is that although the earnings report came out with fantastic results, investors are just not ready to push this stock to 600+. Therefore, if the gains from the ER have been erased entirely (which it has), then these investors want to press this stock to a more reasonable price. Which is probably a lower support line in the 500’s area.
Bouncing on Monday is crucial. I do not have a position in AAPL, but I will if it does not hold.
This stock is finished, had it short since two days ago. Strong trade for me. Will continue to hold this short position until a reversal sign is established.
Heading towards the 61-65 area.