Thursday, 21 September 2017

Apple (AAPL): Some Support Targets

Just a quick follow up on my previous post about the Apple stock's some support targets. The stock price has indeed breaks down from the 12-month rising channel decidedly.

Apple (AAPL) stock chart showing support target
(Click chart to enlarge)

Let's consider one price target at a time.

The 1st most likely support target is around $143 level where we have some congestion as well as the 200dma. This represents about 13.5% drop from its ATH. This is a quite reasonable drop considering that the other tech giant Amazon (AMZN) has already lost some 12.5% from its ATH last month (and could possibly fall further towards the 200dma, and that would be a 15.5% fall).

If the price of AAPL breaks down from there (~$143), the 2nd probable target would be around $127 at the Feb 2017 upper gap. This is a 22% price fall.

If the Great Dip that described in the previous post plays out fully (nobody can say it will for sure), it could fall by as much as some 27% from its ATH to the eventual target of around $120, which happens to be the Feb 2017 lower gap. That won't happen until sometimes next year (if it happens).

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