Apple Gapped Lower. Now What?
Apple gapped lower on Friday thanks to a ho-hum quarterly report. Is it an opportunity for longer-term buyers?
The first pattern on today’s chart is $182.94, the previous all-time high from early 2022. AAPL challenged this price on June 5 after unveiling its virtual-reality headset but was initially rejected. The stock kept pushing and made new highs a couple of weeks later. It also bounced at the same level in late June, turning old resistance into new support. Traders may look for entries in this area over the next week.
Second, the current drop represented the first break under the 50-day simple moving average since January.
Third, stochastics have dipped into oversold territory.
Finally the calendar has potential importance with new iPhones expected in September. That could also keep buyers interested over the intervening weeks.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is $182.94, the previous all-time high from early 2022. AAPL challenged this price on June 5 after unveiling its virtual-reality headset but was initially rejected. The stock kept pushing and made new highs a couple of weeks later. It also bounced at the same level in late June, turning old resistance into new support. Traders may look for entries in this area over the next week.
Second, the current drop represented the first break under the 50-day simple moving average since January.
Third, stochastics have dipped into oversold territory.
Finally the calendar has potential importance with new iPhones expected in September. That could also keep buyers interested over the intervening weeks.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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