Apple's Long-Term Chart Remains Bullish
With Apple Inc. (NASDAQ: AAPL) set to release Q4 earnings this week, there’s been a growing level of concern in the market about the company’s short-term technical breakdown.
After hitting new all-time highs of nearly $133 in early 2015, Apple has failed to regain its bullish stride. In fact, the stock has dipped into the low $90s twice since then, and appears to be heading into earnings more than 30 percent below last year’s highs.
However, while Apple, along with the entire market, remains on shaky ground in the short term, the stock’s long-term chart paints a completely different picture.
The stock has twice bounced in the low $90’s, indicating that level could serve as strong support for the stock. Apple also peaked at around that same level back in 2012.
That peak and subsequent 41.7 percent 2013–2014 decline is also reassuring for long-term Apple investors. Patterns tend to repeat themselves in stock charts, and a repeat of the 2013–2014 swoon would mean a decline to the $77 level before the stock once again headed for new all-time highs.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: Public Domain
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.