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Saturday, September 23, 2017 10:36:01 AM
A Tricky Weekend Ahead for AAPL Holders
By: MPTrader | September 22, 2017
AAPL-- under intense pressure on the day it releases its iPhone 8 to the public, but otherwise, from a technical perspective, at the tail end of a corrective period off of its all time high at 164.94 on 9/01/17 to today's low at 150.56 so far.
This morning's low at 150.56 represents a probe of the 62% retracement support area of the entire prior advance from 141.70 (6/28) to 164.94 (9/01), which must contain further weakness to avert a press to test the 147.30 low from 7/27, and possibly into the larger support zone at 146-142.
My near term work confirms the weakness, which warns us that AAPL is vulnerable to downside continuation.That said, a sustained climb above 152.80-153.20, especially on a closing basis, will neutralize the near term negative set up.
In that anticipated relatively weak demand for the iPhone 8 is being blamed for recent weakness, perhaps over the weekend, AAPL will depart from its more recent closed-lip approach to first weekend sales of its new phones, and announce better-than-expected demand over the weekend, which could trigger a big up-gap open on Monday morning.
Conversely, in the absence of a rally above 152.80-153.20 before today's close, no news on sales from AAPL over the weekend could be construed as "bad news," and as such, lead to a gap down open on Monday that breaches 150.60.
In a nutshell, unless AAPL closes at or above 153.20 at 4 PM ET, my work argues that investors should brace for more weakness Monday morning...
https://www.mptrader.com/middaymarkets/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: MPTrader | September 22, 2017
AAPL-- under intense pressure on the day it releases its iPhone 8 to the public, but otherwise, from a technical perspective, at the tail end of a corrective period off of its all time high at 164.94 on 9/01/17 to today's low at 150.56 so far.
This morning's low at 150.56 represents a probe of the 62% retracement support area of the entire prior advance from 141.70 (6/28) to 164.94 (9/01), which must contain further weakness to avert a press to test the 147.30 low from 7/27, and possibly into the larger support zone at 146-142.
My near term work confirms the weakness, which warns us that AAPL is vulnerable to downside continuation.That said, a sustained climb above 152.80-153.20, especially on a closing basis, will neutralize the near term negative set up.
In that anticipated relatively weak demand for the iPhone 8 is being blamed for recent weakness, perhaps over the weekend, AAPL will depart from its more recent closed-lip approach to first weekend sales of its new phones, and announce better-than-expected demand over the weekend, which could trigger a big up-gap open on Monday morning.
Conversely, in the absence of a rally above 152.80-153.20 before today's close, no news on sales from AAPL over the weekend could be construed as "bad news," and as such, lead to a gap down open on Monday that breaches 150.60.
In a nutshell, unless AAPL closes at or above 153.20 at 4 PM ET, my work argues that investors should brace for more weakness Monday morning...
https://www.mptrader.com/middaymarkets/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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