“Apple and Tesla shares are attempting to reverse the downside momentum in both stocks since coming off their April highs,” Robert Moreno writes for TheStreet.”
“Each stock has returned to an important individual level of Fibonacci support on their daily charts,” Moreno writes. “The integrity of these support lines will be a key factor in determining the direction of these stocks over the intermediate term.”
“Apple shares are trying to repeat the hold-and-base process,” Moreno writes. “Another cluster of long tail candles have formed at support, and the relative strength index and the money flow index have now moved into complimentary oversold conditions.”
Much more in the full article here.
MacDailyNews Take: We’re not big on technical analysis, but we’re looking forward to WWDC announcements, for sure. Next quarter’s guidance will also be of intense interest for AAPL shareholder.
As always, Wall Street wants to see growth (or at least growth potential). That (or the lack thereof) is what moves share prices.