Eyeing AAPL Resistance - Market Analysis for Jun 4th, 2018
By
Mike Paulenoff
AAPL-- The Annual Developers Conference is still a showcase for AAPL innovation, which has goosed the stock nearly 1% today. More importantly, however, is the upside breakout from a three week sideways, high-level digestion period (185-190), which has propelled AAPL to a new all-time high at 193.42.
The near term upside measured objective derived off of the digestion zone projects to 195.00-197.50, with a 1% overshoot taking AAPL to 200. There is plenty of resistance in the 195.00-197.50 area, which warns us that in the absence of a new, bullish catalyst, I will be looking for AAPL to reach near term exhaustion in and around 198-200.
That said, only a decline that breaks back beneath the three week digestion zone from 190 down to 185 will trigger consequential sell signals. Last is 191.81/82
