Chance to Buy AAPL on a Pullback – July 18, 2014

0
143
Chance to Buy AAPL on a Pullback - July 18, 2014

Chance to Buy AAPL on a Pullback - July 18, 2014

After its strong rally in the past couple of months, AAPL is finally showing signs of retreat on its daily time frame. Market sentiment took a hit, taking down US and global equities in recent trading, when geopolitical tension flooded the airwaves.

Yesterday, reports of a Malaysian Airlines plane crash in Ukraine turned the markets’ focus back to the conflict between Ukraine and Russia, reminding market participants that the tension isn’t over. This was followed by news that Israel sent out its ground troops to take out tunnels installed by militants in Gaza for launching missile attacks. Both of these reports turned out to be very negative for risk sentiment, weighing on riskier assets like equities and AAPL stock.

**relatedarticle**

AAPL Stock Forecast

With that, AAPL could continue to sell off until the next visible support level, which is right around the previous area of interest at $93.00/share. A deeper correction could last until the 50 simple moving average (SMA), which might hold as dynamic support for the pair. An even sharper selloff could lead to a test of the longer-term 200 SMA.

Bullish momentum has been very strong for AAPL ever since the company announced its stock split earlier this year. This was sparked by a management decision to allow more traders to hold on to AAPL shares and limit barriers to entry in the market.

Apple shares could continue to draw support from strong market interest, especially as the company moves closer to launching its next set of gadget and software upgrades. The iPhone6 is expected to be launched in October, along with new iOS software.

However, should the risk off sentiment hold on for much longer, more traders might choose to liquidate their AAPL holdings and move their money to safe-haven assets like gold and the U.S. dollar.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com

SHARE
Previous articleCAD/JPY Forex Downtrend – July 18, 2014
Next articleArticle Criticizes Darkcoin, Calls It Insecure
Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers. He also holds the position of Binary Options Consultant at ForexMinute.com. Before ForexMinute.com was around, Jonathan was a successful Forex dealer and chief market analyst at Forexyard. He has also worked as a Forex trader. His other specialties include advising financial companies of how to stay head of the competition.