Chart done on hourly candles. Apple’s annual shareholder meeting takes place tomorrow at 9 AM P.T. and investors are eager to hear what’s coming. Many investors want to hear Tim Cook talk about VR and the next iPhone, however Apple can have anything in store for us. Last week we saw Tesla deliver their shareholder meeting and the stock has been selling off since, but that doesn’t mean the same is in store for Apple.
As many know, Apple is the most valuable publicly traded company in the world, and for them to keep that value they’ll have to continue delivering excellence, being efficient, and creating sought after items. This meeting is about figuring out if the company’s leaders can continue this path of growth.
Looking at the chart Apple has been making lower lows since February, first getting rejected at 157.50, then 156.40 twice. Today we saw selling volume increase and the stock closed just above its 149.00 support. Below 149.00 the next downside target is 143.50-145.00.