Apple (AAPL) Stock Climbing Higher Into upcoming Earnings on January 29, But not so quick – Time for a quick SHORT Trade
Apple (AAPL) stock rose by 123% since January 2019 and is a strong performer when it comes to earnings report, however consider broader market is on the overbought side with the headline risk coming from China related to the new deadly pneumonia virus spread, we believe this is an opportunity for a quick SHORT trade allowing AAPL to correct some of its recent gains. In addition Apple dropped plans to let iPhone users fully encrypt backups of their devices in the company’s iCloud service after the FBI complained that the move would harm investigations, as indicated by Reuters today; this is not good news for AAPL users.
This trade has a short term overlook and the trade suggested should be considered as such; if AAPL continue to move up and close over $320 then the trade should be closed!
To jump on this quick opportunity, Short AAPL at current $318 level and look for First Take Profit target at $305. Protect the trade with a STOP LOSS at $320