Home Tools Equities Watchlist: Apple Inc. (AAPL)’s Mid-Range Support Ahead of Launch Event

Equities Watchlist: Apple Inc. (AAPL)’s Mid-Range Support Ahead of Launch Event

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Apple Inc. (AAPL) is about to launch its latest products!

Not planning on buying devices?

How about just buying the stock?

Apple Inc. (AAPL): Daily

Apple Inc. (AAPL) Daily Chart

Apple Inc. (AAPL) Daily Chart

As you can see, AAPL enjoyed a nice sharp upswing from mid-June until the stock found resistance at the $176-$177 zone in mid-August.

The asset is now trading closer to $158, which is right around a mid-range area of interest that bulls and bears have been minding since September last year.

Are there enough bulls to support a mid-range bounce?

Stochastic is on the bulls’ side with an “oversold” signal while today’s candlestick is showing wicks along the support area.

AAPL fans can also scale in positions ahead of Apple’s “Far Out” launch event on September 7.

Word around is that we’ll see four new iPhone products (including iPhone 14), a new Apple Watch, and maaaybe a hardware subscription offer.

Pre-event buying, along with risk-taking, could push AAPL back above the $165 and $170 resistance zones.

If the launch fails to hype buyers, however, or if market themes like Fed interest rate hikes and global growth concerns continue to spook potential buyers, then AAPL could trade below the mid-range zone.

A break below $155 opens the stock to dips to the $150 and $140 potential inflection points.

What do you think? Is AAPL a buy? Or would you rather just buy its products?

Don’t forget to factor today’s U.S. NFP release if you’re planning to place orders before Apple’s launch event!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.

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