Technical Update - Apple down trend still in play after earnings
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Apple is trading around $142.40 After-Market following earnings (at the time of writing) . Apple is set to resume bear trend at normal market Friday.
Daily RSI was rejected at 60 and is likely to drop back below during Friday trading session confirming the bearish sentiment and trend and is likely to test 0.618 retracement of the October correction.
Key support medium-term is $129. A close below will confirm medium term down trend and is likely to fuel a sell-off down to around 120-118. Possibly down to strong support area around 109-104.50
Weekly RSI is showing negative sentiment and is likely to drop back below 40 adding to that picture at the end of Friday’s trading session.
For this bearish picture to reverse Apple needs to close above 152.50
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