Technical Analyst, Saxo Bank Group
Summary: Apple set to open 2% lower on the back of Earnings announcement. Will it resume short term down move? What about medium term uptrend?
Apple is in a short term down trend bouncing from 0.764 retracement level back above 200 SMA. With today’s opening the 200 SMA Apple is likely to be test the Moving Average once again.
If closing below 155.38 March low at 150.10 is likely to be tested.
If that scenario plays out Apple is likely to break below medium term rising trend line (dashed line). It has already been below the (a bit) longer rising trend line only to jump back above. Next week could be decisive for Apple stock trend.
RSI has been showing divergence for a long time i.e. uptrend weakening. If it cannot break above the short term falling trend line (on RSI) 40 threshold, the pivot for negative sentiment, is likely to be tested. If closing above RSI could move back above 60 i.e. indicating Bullish trend to resume.
At the time of writing Apple is set to opening around $160.
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