Monday, 25 July 2016

AAPL - pre-earnings cooling

Apple (AAPL) - which has earnings at the Tuesday close, settled lower for a third consecutive day, -1.3% @ $97.33. The downgrade by BGC sure didn't help, and AAPL is at another critical junction. There is clear resistance at the giant psy' level of $100, and AAPL needs to jump straight over to negate the renewed bearish chatter.

AAPL, daily

AAPL, monthly


story, see: BGS downgrade

So, not a great start to the last week of July for the tech behemoth that is AAPL.

Overall market mood isn't great, as many recognise that the stock has largely failed to participate in the broad market rally since the Jan/Feb' low.

Best guess: A break back above the $100 threshold, and onward to quickly test the 200dma in the $103s. 

It is notable that declining trend will be $105 in early August. The bigger monthly MACD cycle remains on the very low end and is offering vastly higher levels - to new historic highs in 2017.

**Earnings due Tuesday afternoon (probably at 4.30pm EST)