In a new post, Slope of Hope contributor Tim Knight points out why he believes Apple Inc. AAPL is headed lower following this week’s Q4 earnings report and could eventually dip below $75.
“I suspect that Apple is more likely to be down on Wednesday than up,” Knight wrote. “I further think that, in the months ahead, Apple is going to find itself at a place no one dare imagine: in the 70s.”
Related Link: Little Reason For Optimism In Apple's Short-Term Chart
Knight compared his bearish feeling about Apple to his bearish predictions about oil in late 2014. If the head-and-shoulders pattern continues to play out, he predicts that Apple likely won’t find significant support until it has pulled back nearly 50 percent from its all-time highs and into the low $70s.
Disclosure: the author holds no position in the stocks mentioned.
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