“The majority of stocks, particularly tech stocks, are off to a rough start in 2016, and Apple Inc. is no exception,” Wayne Duggan reports for Benzinga. “But how badly has Apple’s 8.1 percent drop so far in January impacted the stocks technical outlook?”
“Aside from the August Flash Crash low in the low $90s, Apple has been trading in a range between around $107 and $123 for about six months headed into 2016. However, it didn’t take long in 2016 for Apple to go crashing through $107 support and plummet to around $95,” Duggan reports. “For now, Apple bulls are hoping that the stock can find support at the $92 level that represents the flash crash low.”
Duggan reports, “Data from Call Levels indicates that Apple traders have notification set for $107 and $120.”
Read more and see the charts in the full article here.
MacDailyNews Take: One week until earnings!
SEE ALSO:
Growth funds dumping Apple stock on anticipated iPhone sales decline – January 16, 2016
Apple stock’s mini win streak threatened by market reversal – January 13, 2016
Apple could soon lose its place as world’s most valuable company to Google – January 13, 2016
Goldman Sachs Bullish On Apple; Pullback Represents Buying Opportunity As Weak Guidance Is Priced In.
Price target @ $155.
http://www.benzinga.com/analyst-ratings/analyst-color/16/01/6151360/goldman-sachs-bullish-on-apple-pullback-represents-buyin
The world market is currently in the proverbial shitter. Apple is not immune. Until the majority of markets begin to improve globally Apple’s stocks will remain depressed.