Apple stock caught in bear continuation pattern.
Updated
Apple weekly chart is showing a bear continuation which means that the stock is headed downward in the short term.
The stock broke its support of $116 here and will likely continue and trade under $115 today.
If Apple can bounce back from sub 115, then we could see a move into the 117-118 level with resistance being at 118 for a confirmation on the next possible breakout.
Perfect opportunity for the long term stock investor to get into the stock and continue to average down should the stock come back.
In the options world, I am not seeing any significant news to push the stock up unless APPLE surprises investors with ER next week.
The stock broke its support of $116 here and will likely continue and trade under $115 today.
If Apple can bounce back from sub 115, then we could see a move into the 117-118 level with resistance being at 118 for a confirmation on the next possible breakout.
Perfect opportunity for the long term stock investor to get into the stock and continue to average down should the stock come back.
In the options world, I am not seeing any significant news to push the stock up unless APPLE surprises investors with ER next week.
Note
Any upward move on the stock short term will be influenced by stimulus passing, ER report and overall market strength if we get virus relief. Lets see how this plays out!
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