Will Apple Catch A Bid At These Levels???

 

Three weeks ago I posted about Apple being rotten,

Apple Turns Rotten
I was looking for the daily demand level at $174-$176 to hold.

But it was recently breached last week hitting a low of $170 before bouncing higher to $185…to only fall to $170 again.

Two days ago, I talked about Wall Street continuing to adjust their forecast down for Apple, the latest was HSBC downgraded Apple shares to Hold from Buy yesterday.

Skyworks Solutions About To Be A Grounded Problem

However, Mark Newton, president and technical analyst at Newton Advisors, remains bullish on the stock long term for three key reasons: Momentum on a short-term basis is still positive, the weekly chart is oversold, and finally because sentiment has so rapidly turned against Apple.

Newton is closely watching the $170 mark, which he believes is the near-term level of support to the downside. Should the stock break below that level, he believes the max downside is $160.

Source

I don’t really see anything special about the $170 level (part of the gap), but I do see that the $160 was prior resistance, which is now support.

I also see a double bottom with positive divergence.

So is Mark Newtown on to something? He might be because on the 4 hr chart I see the pattern that I look for when I’m expecting a reversal. If price can take out the $185 level, the chart suggest, price can reach $195.

 

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.  

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Published by Rolland Thomas

on

with SteemPresshttps://mentormarket.io/rolland/will-apple-catch-a-bid-at-these-levels/

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