Technical Analysis: What If Apple Holds This Price Level?

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Megacap technology stocks like Apple have dragged on the market amid disruptions in China. But what if the iPhone giant manages to bounce? Could it give the bigger indexes a boost?

The main pattern on today’s chart is the $140 level. This price first had importance on November 8, when AAPL first tried to rebound from its China-related weakness. It was resistance that day, but provided support two sessions later (after November 10’s lower-than-expected consumer inflation report).

AAPL proceeded to jump as high as $153.59 the following week. It then hit …

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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.