As Apple gears up for earnings, chart analyst sees warning signs $AAPL (via TradingNation)
So says Mark Newton, founder and president of Newton Advisors, after finding some points of technical weakness in Apple's stock charts that have him worried ahead of the company's Wednesday after-the-bell earnings report."I don't think it's all that technically attractive and it's had quite the run, up about 53% year to date."
"The stock is a lot higher than we were when we peaked last September, but yet momentum is nowhere near that," Newton said, adding that Apple's weekly chart, below, shows "what we call negative momentum divergence, [which] can be a problem in suggesting if a stock likely has gone a bit too far too quickly to the upside."
"This makes me concerned about a pullback, at least down to right near [$]215 to 222 from current levels," he said. Apple's stock was trading just above the $242 level toward the end of Wednesday's session. A drop to $215 would represent a decline of about 11% from that level. Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, found enough in the tech sector to make him relatively bearish.
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