This week’s analysis centers on Apple. Since the sell-off started two weeks ago, Apple has been down by 17%. The very sharp sell-off across all risk assets was caused by the unwind of the Japanese carry trade.
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Some top stocks are now at very interesting support levels, and one of those is Apple.
The convergence of moving averages, horizontal support zones, and trend lines form a very strong support zone between $180 and $200. This support zone was tested by Apple, which reacted with a strong move up. I suspect we will see another test of this support zone, potentially making a new low. This could present a good buying opportunity. However, several factors are important here: this should only be a short trade because risk is rising and a bigger downturn looms on the horizon. Therefore, it is crucial to use proper risk management to protect against losses. For subscribers, it is very important to follow our risk management measures that we provide with all our services to protect against losses in case support zones break. Follow us for updates and guidance on navigating Apple.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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