Apple Inc. AAPL shares are trading lower by $0.53 at $121.10 in Tuesday's session. The company will report Q1 earnings after the close. Street estimates are for EPS of $3.22 and $77.37 billion for revenues.
The issue has been steady since its mixed Q4 report (slight EPS beat and revenue miss) on October 25. After an initial decline to $104.08 on November 14, it rallied to a 14-month high on January 26, when it reached $122.44. The high close for the move was made on Friday at $121.95.
After a lower open, it could not reclaim Monday's close ($121.63), only reaching $121.39. The ensuing decline has found support a nickel ahead of Monday's low ($120.66) at $120.71 and has now rebounded and is attempting to remain in the $121.00 handle.
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