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November 13 Chart of the Day - Apple

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Originally posted November 2nd and updated on November 13th.

Apple (AAPL) reports earnings after the close today and is making a repeat appearance on our Chart of the Day segment.  Previously featured on August 7th we'll update its chart for earnings.

Using price action technical analysis tools we can see Apple has continued to make lower lows and lower highs on the weekly chart since making its $198.23 all time high (ATH) this past summer.

Nothing technically broken, seemingly just a series of orderly retracements.

Down on the daily chart we've identified an upper and lower price target ending November 10, 2023.  We derived this by using todays at the money straddle options price in which the market is implying about a $7.45 move in either direction between now and the end of next week.

Five of the past eight quarters (62.5%) Apple's stock price dropped during the week after its earnings statement.

Some traders may place speculative investments based around the event while others may take a "wait and see" approach.

We're curious what your style is?

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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Updated 11/13/2023

For anyone who traded $APPL earnings based on our November 2 Chart of the Day... a direct target hit!

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