“‘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.”
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MacDailyNews Take: Pfft.