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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Apple Inc. (NASDAQ: AAPL) shares were trading lower by $5.80 at $124.80 in Wednesday's session. The issue has rebounded after it was crushed in after-hours trading when the Street was not completely satisfied with its Q3 earnings report even though it beat for EPS and revenues.

In the after-hours melee, the issue swooned from Tuesday's close ($130.75) all the way to $119.20 before staging a dramatic rebound. That low coincides perfectly with its July 9 low ($119.22) that provided the foundation for the quick rally to $132.92 in Monday's session. In Tuesday's session, it peaked just a nickel below that high at $132.92 before tailing off for the remainder of Tuesday's session.

Wednesday's opening print ($121.99) provided the low for the day and so far it has reached $125.50 before falling back under $125.00. A relentless buyer at the $124 level throughout the day has prevented the stock from further losses.

In order to fill the void in price action from Tuesday's session, Apple will need to reach $130.32, which is just below its closing price.

Today's price action is taking place on higher than average volume. So far, it has traded 98 million shares compared to its 20-day average of 49 million.

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas


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