“Apple (AAPL) shares have held up better than other momentum stocks, but they have been sliding since they set an all-time high on Sept. 2, when hype and speculation peaked about the then-unreleased iPhone 6,” Richard Suttmeier writes for TheStreet. “Apple plans to report quarterly earnings after the bell on Monday, and the market’s reaction to the news could determine whether Apple shares lose their momentum status. If the stock can’t trend above a key moving average, now at $99.31, it will lose that status.”
“Investors who are long Apple should consider buying weakness to its Aug. 7 low at $94.10,” Suttmeier writes. “A second level at which to buy is the 200-day SMA at $87.39.”
Suttmeier writes, “Investors looking to book profits on strength should consider selling strength to a key technical level at $102.39, which failed to hold at the top on Sept. 2.”
Read more in the full article here.