With all eyes set on Apple (AAPL) Tuesday for its big event, there’s a lot riding on the success of its latest product launch. Most of the details are known: There will be new iPhones, including a $1,000 model, and a new Apple Watch. Wall Street’s reaction will give us a good read as to how impressed investors are—with some key pivot points to keep an eye on.
The first level to watch is $164, which is upside resistance and where the stock stalled in the beginning of September. Shares are already having an incredible year, and the more they rally, the more risk there is in a sell-off if Tuesday’s event does not exceed expectations. If Apple breaks above $164, that’s a good indication that the market was very impressed.
When looking at downside support, Friday’s low at $159 is the first big test. Breaking through $159 would indicate that this is a sell-on-the news event, and the next test would most likely be $155, which is where Apple found support three times in the month of August.
These are the levels to keep an eye on for Apple stock after its big product launch. …read more
Read more here: Apple Stock Is at a Key Pivot Point