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Red line- resistance
Green line - support
Blue lines- Fibonacci retracement levels
AAPL stock price closed yesterday around $176. After the new iPhone presentation we find the stock price still vulnerable from a technical perspective. Price has formed a lower high at $189 and as long as we trade below this level, we expect price to make a bigger pull back. At $171.80 we find short-term horizontal support from the recent lows. Price is vulnerable to a pull back towards the 38% Fibonacci retracement if not a deeper pull back towards $162. The entire upward move December is most probably complete and this is the time for a corrective pull back. That is why we use the Fibonacci retracement tool to identify key support levels. Bulls need to respect the green support trend line and break above the red one. Until then price is vulnerable to more downside.
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