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Can Apple Hold This Level Into Earnings

Jul. 23, 2013 3:50 PM ETAAPL
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Apple Inc. (NASDAQ:AAPL) is trading at $420.85, -5.46 (-1.28%), just thirty minutes prior to releasing earnings. This is a sharp pull back on a day when the markets are trading on the flat line. Many are speculating this price action may say something about the earnings being worse than expected.

The key into the price action of Apple on earnings is a master level pivot line at $420 - $421. If Apple moves below that area, the stock could likely collapse on earnings. If it holds that area into earnings, upside is likely. Should it close the day between that $420 - $421 level, it is a 50/50. This is one of the biggest earnings announcements of the season and all eyes are glued to the screen.

Gareth Soloway

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