Alert: Key Stock Levels On Apple Inc.
The price action on Apple Inc. (NASDAQ:AAPL) continues to be poor. The weeks prior to earnings, Apple took a beating. After a one day mega pop on solid quarterly earnings, it is taking a beating again. Today, the iEverything company is trading at $588.59, -14.41 (-2.39%).
The weakness in price action definitely speaks volumes for a continued pull back in the stock. After a monster one day rally, the Apple cannot catch a bid and has headed straight down. The obvious reasons for this selling is continued distribution by institutions into the hyped up retail investor and mutual fund.
The short term support levels on Apple are shown below. These are meant for day trading scalps and should not be construed as swing trade buy levels.