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Apple in bullish territory

SPX Tech analysis by Simon Kazinsky on 16:14 Octuber 24, 2016 EST

I have been proved wrong in my previous technical analysis for the Californian tech giant as the share price rose above $110, something I did not think would happen.

In all fairness, it was not completely out of the table as the company led by Tim Cook bounced from technical support at $90, something I warned could happen. The extend of the bounce is what has surprised me as I was expecting moving averages above $90 to act as resistance thus putting an end to the rise.

That scenario did not materialise and although I am more convinced that Apple has the best of its days behind it is better not to jump on the trade until some of the resistances now turned support give way again.

In this context, I will be eager to revisit the possibility of shorting Apple if $105 gets broken.

The ultimate support, as can be seen on the chart is currently at 95.