Market Overview

Snyder: Apple Stock Had 'Every Reason' To Collapse After It Made New Highs

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Karl Snyder was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. 

Karl Snyder is Chief Market Strategist at Garden State Securities, a provider of investment management products to small businesses, corporate executive, and the individual investor. Snyder has over 12 years of financial industry experience, holds the Chartered Market Technician designation and specializes in technical analysis and risk management.

He focuses on intermarket analysis with an emphasis on sector rotation and the impact on the financial markets.

The investment pro shared his thoughts on why shares of Apple Inc. (NASDAQ: AAPL) has seen recent declines since hitting all-time highs of $134.54 following its earnings print.

"Apple had every reason for the bears to come in and really do damage," Snyder said. "If you look back on the chart and you look at April, you see that really nasty looking peak candle. It made a new high, it closed the gap from the previous day and it was a total setup for everyone to get really negative."

Snyder continued that Apple's "horrible print" also contributed to the negative investor sentiment. As such, share of Apple began to move lower following its all-time highs and eventually found support at the $124 level, just above March's support level of $121.

He also noted how important it is to emphasize the "really ugly candle" because it was "every reason for short sellers and the bears to really take control of Apple."

 

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Posted-In: #PreMarket Prep Dennis Dick Garden State Securities Joel Elconin Karl SnyderAnalyst Color Technicals Trading Ideas

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