“Last Tuesday, Apple filled an important breakout gap left behind back on Jan. 28. As this key support level at $112.50 came into play, the stock had moved into deeply oversold territory after a 15% decline from the July 20 peak,” Gary Morrow writes for TheStreet. “Apple has rebounded nicely after filling the Jan. 28 earnings-inspired gap and is now entering a very heavy resistance zone.”
“With Monday’s gain, Apple is now up more than 6.5% from last Wednesday’s low of $112.10. This solid bounce has pushed shares back up to the lower band of a heavy resistance area,” Morrow writes. “A pullback is likely ahead, one that may provide investors with another low-risk buying opportunity near the $112.50 area.”
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MacDailyNews Take: Tease leaves (typo and it’s staying).