On 9/15 I wrote an article on AAPL projecting a target of $121, which is smack in the middle of a Low Volume area (see accompanying Volume Profile chart). Shares reached that level on Friday and sold off. Interestingly, low volume zones afford resistance just like high volume shelves. Basically, no one wants to trade there.
With the Nasdaq 100 quite overbought and needing to fill a huge gap, this is a good time for a pullback in AAPL. I see a target a little below the 200 ema (the green dotted line), which would fill a micro-gap at $115.60.
After that bit of housekeeping to correct an over-exuberant market, I expect AAPL to stage a year-end rally and test the gap zone between $127-130. With a 40-20 bull-bear sentiment ratio, however, we might need more negativity overall before that can happen.
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