Why I Am Short $AAPL And Plan On Holding It To This Target
I am short Apple Inc. (NASDAQ:AAPL). For those that clicked *Get Alert* you are in with me. It is in my portfolio, a verified swing trade with a short entry of $110.14. The current price is $105.70. For those that do did not opt into this trade, you will see it when I close Apple out, on my verified track record.
I shorted specifically at the $110.00 price level because that was a technical resistance point on the stock chart. There was a major gap fill on the chart, plus on the day I shorted (August 16th, 2016), the stock was extremely overbought. As Apple takes a nosedive today, I am even more confident it will head to my price target of $97.00. The debut of the iPhone 7 was a lot of hype but had little bite. Ultimately, Apple Inc has not had a new product in ages and they just keep updating and reselling the old products to their fan base. With tons of competition, this is a recipe for weaker sales and lower profits. The level I selected as an price target on my short is a purely technical one. The $97.00 price is a gap fill poing with othe major technical supports.