AAPL Rebound: Bulls Shouldn’t Get Too Comfortable

posted in: AAPL | 0

After putting in a very rare ‘quadruple top’ during the┬ápast several months AAPL has suffered its steepest decline since at least 2012:

 

AAPL_Daily

AAPL became deeply oversold at Wednesday’s open and buyers have since stepped in. A rebound up to the $119-$122 area certainly appears to be in the cards. However, the sheer amount of confluence and price memory in this area of previous support should make it a difficult zone to breach, especially on the first attempt. In fact, a vigorous 2-3 day rally back to ~$120 might offer an attractive short setup.