Apple earnings trading preview, can the X keep the party going?
Apple is scheduled to report earnings after today’s US market close, with the iPhone X expected to start shipping Friday morning. Whether the shares can continue their advance may depend heavily on the outlook for the iPhone X.
Apple recently broke out of a $150 to $165 trading channel but has been looking a bit vulnerable with the RSI indicator getting overbought. A failure to break through $170 and a bearish engulfing candle suggest the tide could be turning. Initial support may appear near the $165 breakout point then $155 where the recent rally lifted off from, followed by the $150 round number and channel bottom. If the results are well received and the shares manage to break out over $170, next potential resistance may appear near $180 based on a measured move from the recent trading range.
Apple recently broke out of a $150 to $165 trading channel but has been looking a bit vulnerable with the RSI indicator getting overbought. A failure to break through $170 and a bearish engulfing candle suggest the tide could be turning. Initial support may appear near the $165 breakout point then $155 where the recent rally lifted off from, followed by the $150 round number and channel bottom. If the results are well received and the shares manage to break out over $170, next potential resistance may appear near $180 based on a measured move from the recent trading range.