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In less than an hour, Apple will unveil its new iphone product. How will the stock react is the key question?
The upper left chart was produced on 10/10/12, at the time of the iphone 5 announcement. At the time of the iphone 5 announcement Apple was facing a 30-year resistance line and was trading above $600 per share (iphone 5 post here)
The last time a major product announcement took place the 30-year resistance level one out as Apple fell a couple of hundred dollars in price. Now Apple is facing falling resistance and its 38% Fibonacci resistance level (of the $300 decline in price).
Will it be different this time??? Will the stock rise after the announcement? Stay tuned!