Market Overview

Take a Bite On The Long Side, Buy Apple Inc. (NASDAQ:AAPL)

The technology sector is seeing some selling pressure today and the largest tech stock, Apple Inc.(NASDAQ: AAPL) is leading the charge lower. The popular device maker is set to unveil the much anticipated iPhone 6 next  week. However, with today's price action it sure does seem like that. Apple Inc. (NASDAQ: AAPL) deflected all the criticism of the potential iCloud hack and denied any security breach. The stock is down over 4%, so should this sell off continue I have picked out an enticing level of $96.75 where investors and traders could step in and buy. On the chart below you can clearly see that Apple has been trading in a channel and the $96.75 area is where the lower end of the channel currently resides. For further reassurance the daily chart 50ma is also in the vicinity and will give support to the stock and should provide a money making bounce for longs.
 
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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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