Technical trader: Apple is in a ‘disastrous’ situation; ‘on the verge of a major breakdown’

“‘Apple is in a potentially disastrous situation and it needs to be drawn attention to,’ Todd Gordon told CNBC’s ‘Trading Nation’ last week,” Amanda Diaz reports for CNBC.

“Looking at the tech giant’s long-term chart, Gordon noted that the long-term uptrend is in danger of being breached. ‘We are on the verge of a technical breakdown,’ he said,” Diaz reports. “‘If we push through the $96 level in Apple, that’s a big problem.’ If that uptrend line were to break, Gordon projected that the stock could fall as low as $81.'”

“‘If we break that $81 level, then we have real problems and that paints a level of $55.94,’ he said. That’s a potential 43 percent drop from the current price of just under $99 a share,” Diaz reports. “‘As technicians we must trade what we see, not what we think, and Apple right now is on the verge of a major breakdown,’ Gordon said.”

Read more in the full article here.

MacDailyNews Take: Pfft.

30 Comments

    1. Agreed…this is “technical” analysis crap. If it worked, then the market would be deterministic based on historical data, which is a ridiculous notion.

      To reiterate the post above, do not waste your time on this drivel.

    2. Trading is not investing, it is gambling. Investing is good for companies and the economy. Trading is a zero sum game that only benefits half of the people involved and leads to false valuations.

  1. At $80 Apple may as well use its money to go private and reward the shareholders outside the insane world of Wall Street. Apple now has a PE ratio of publicly traded junkyard or maybe Radio Shack like retail chain. And it is the most profitable company in the world. Go private and leave these losers behind.

    1. Come on, think it through mate. If Apple goes private they will have to raise the money independently to buy the outstanding shares.
      Currently 5.58B shares outstanding @ ~$100 per share. That is nearly $600B that Apple would need to raise. The selling ppricewould probably be even higher.
      It is virtually impossible to be able to raise that amount of cash.

  2. Apple has had a few hiccups with the iPhone 5C, the new Mac Pro and the iWatch. But what’s going on is that the weak economy is catching up to everyone, everyone.

  3. This is why wall street should be completely and thoroughly disregarded about every aspect of life. They just are not intelligent enough, honest enough, nor thorough enough to be trusted with any kind of policy. Instead, they need to be scrutinized far more than they are.

  4. On the MDN homepage, one story says Apple is in a disastrous situation, another says 2016 is going to be a fantastic year for them, whilst another says it’ll be a terrible year for their competitors.

    Which is it going to be?

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