NASDAQ Apple (AAPL) Weekly Chart: AAPL
This morning Nomura lowered its price target for Apple shares (AAPL) from $ 295 to $ 225 and maintained a neutral note on stocks. Let’s see what the graphics tell us.
AskSlim Technical Briefing
Analysis of the weekly cycle suggests that Apple’s AAPL stock is in the late stages of a phase of decline and is expected to bottom out in the medium term.
The next medium-term trough is planned for the end of March. Weekly momentum remains negative.
On the upside, there is a medium-term Fibonacci resistance zone 256.63 – 270.23. On the downside, Fibonacci’s support for 221.53 followed by low cycle support at 192.58. Our analysis suggests that in order for Apple’s stock bulls to regain control of the middleman, we would likely need a weekly close above 283.83.
Minimum amount of evidence
The AAPL should form a bottom in the medium term and its weekly dynamics would be negative. Under these conditions, we expect all short-term sales to be limited to the weekly support area starting at 221.53. It is likely that the stock tests 256 in mid-April.
Interested in askSlim?
At askSlim, we use technical analysis to assess graphs of stock prices, futures and ETFs. We use a combination of studies of cycles, trends and momentum charts, over multiple periods, to present a “body of evidence” of directional outlook in time and price.
Get professional quality technical analysis, merchant training and business planning tools at askSlim.com. Email [email protected] and mention See It Market in your email for special askSlim membership offers!
The opinions expressed in this document are solely those of the author and in no way represent the views or opinions of another person or entity.
NOT INVESTMENT ADVICE – PLEASE READ THE INVESTMENT WARNING.