On Thursday, after market, Apple (AAPL) is anticipated to report fourth quarter EPS of $0.70 compared to $0.76 a year ago on revenue of approximately $63.5 billion vs. $64.0 billion last year. The company develops consumer electronics and its current analyst consensus rating is 27 buys, 13 holds and 4 sells, according to Bloomberg.
Looking at a daily chart, Apple's stock price recent broke out to the downside of a short-term bullish trendline that price was rising above since mid-September. At the same time Apple's price was holding under an intermediate-term bullish trendline that began to form back in mid-March. The RSI is currently around 43 and confirming price action with a lower high made in mid-October compared to the last peak in early-September. Apple's stock price will probably continue to fade until it reaches its key support level at 103.00. Price will likely rebound off of 103.00 and retest the last peak of 125.40. If price can get above 125.40 then the next target is the record high of about 138.00. If price can get above 138.00, then the first Fibonacci target is 161.00. On the other hand, if Apple breaks out and closes below its 103.00 support it would be a bearish signal that could send price down to 93.00 and possibly lower.
Are we witnessing the beginning of the end for Apple or is this a great time to dip buy?
Source: GAIN Capital, TradingView
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.