Here is the Price Level to Watch ahead of Apple AAPL Earnings Today
Tue, Aug 1, 12:41 PM ET, by Corey Rosenbloom
Big stock Apple (AAPL) reports earnings today and we’re watching a critical price level to set up the next trade to play.
What’s the level and where do we go from here? Let’s consult the chart:
Straight to the point, the critical price pivot level for Apple (AAPL) is $145 per share.
That’s a polarity level (it served as both resistance and support) and the rising 50 day EMA.
Note the Red/Green Highlight in the chart above – that’s your key short-term pivot.
A pivot means we don’t make predictions but instead play the DEPARTURE away from the pivot.
A bullish support trade triggers on a movement up away from $145 while a bearish breakdown (failed support) play triggers beneath $145.
A valid upside swing trade target is the prior swing high toward $155 while the bearish play targets $142 per share.
As you watch earnings and the immediate reaction – and the likely price gap we’ll see tomorrow morning – frame your trades in terms of the departure from this key swing trading level.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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