Apple Inc. (AAPL) Trades Down Away From Resistance Target

apple buzzCorey Rosenbloom:  After springing a Bear Trap and surging higher, Apple Inc. (NASDAQ:AAPL) shares achieved a key target and are now trading quickly lower.

Take a moment to review our earlier post “Beware the Apple Trapple” which was indeed what happened.

Now, let’s plan what’s happening next on the current move away from our newly achieved target:

We earlier highlighted the $100 level as a dual target:

It’s the falling 20 week EMA ($100.51) and a simple Round Number Target.

On the “Bear Trap” reversal up away from the $90.00 per share level, price surged strongly to $100.00.

At this point, we’re seeing buyers logically (and correctly) take profits (short-term trades) and aggressive bears step back into the downtrending stock at a key resistance target.

Here’s a clearer look at the Daily Chart:

In addition to the falling 50 week EMA and $100 “Round Number” Price Level, we see the 50% Fibonacci Retracement aligning just above $100.00 per share.

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