TRADEPROAcademy

AAPL can see new lows before the election & earnings $105 TARGET

Short
NASDAQ:AAPL   Apple Inc
Apple stock has been lagging compared to a lot of techs and it's influence on the Nasdaq market is pulling a lot of other stocks lower. We do have earnings coming up at the end of the month of October so that should be a very indicative sign of where this market wants to go.
The 100-day EMA is super attractive for institutional buying and price is not far away from it, we could see the price tag that area and then see it inch back up.
We have to wait for the election to pass to get a more decisive and concise move in either direction. There was a lot of downside volume at the beginning of the drop was strong but it's stalling out so it won't be a clear drop to $105 but slower.

Overall why we think this is moving to the downside is the most recent high at $125 was due to news that was sold off very easily. This is a much lower high than the $137 we saw post-split. This is indicative of weak buying trying to come into this market, if we see a lower low through $105, that confirms the downtrend.
The $105 level has to hold for the medium term longs to push through $125 and eventually into $135.

This trade idea is for educational purposes only, not to be used as investment or trading advice.
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