Here is the Price Level to Watch ahead of Apple AAPL Earnings Today

Aug 1, 2017: 11:21 AM CST

Big stock Apple (AAPL) reports earnings today and we’re watching a critical price level to set up the next trade to play.

What’s the level and where do we go from here?  Let’s consult the chart:

Apple AAPL Earnings Support Chart Breakout Trade

Straight to the point, the critical price pivot level for Apple (AAPL) is $145 per share.

That’s a polarity level (it served as both resistance and support) and the rising 50 day EMA.

Note the Red/Green Highlight in the chart above – that’s your key short-term pivot.

A pivot means we don’t make predictions but instead play the DEPARTURE away from the pivot.

A bullish support trade triggers on a movement up away from $145 while a bearish breakdown (failed support) play triggers beneath $145.

A valid upside swing trade target is the prior swing high toward $155 while the bearish play targets $142 per share.

As you watch earnings and the immediate reaction – and the likely price gap we’ll see tomorrow morning – frame your trades in terms of the departure from this key swing trading level.

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Corey Rosenbloom, CMT

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