“The price of Apple (AAPL) is ripe for a pullback,” Stock Traders Daily writes for Seeking Alpha.
“First, the stock surged by 10% from the Thanksgiving Holiday week up until the announcement of the China Mobile deal on Thursday. If you don’t think the news was expected, go back and look at what the stock did leading up to the news,” Stock Traders Daily writes “Not only had the Street been wanting the China Mobile Deal for years, but they bought AAPL ahead of the news as well. We can never say for sure, but they seemed to know it was coming.”
“Second, the reaction to AAPL’s stock price after the news was a dud,” Stock Traders Daily writes. “Third, the stock hit our longer-term resistance level on Thursday, and that is a sell/short signal.”
Read more in the full article here.