Apple - Daily

Expected to report an EPS of $1.39 on revenue of $89.31bn

Apple is the last of the big tech to report its quarterly earnings tomorrow. Currently, its share price is trading at around $170.05 a share. Looking at the daily timeframe, we can see that its price has now dipped below the support of $170.07 (green trendline), with a bounce back in recent days ahead of its earnings and the FOMC meeting. With the break below $170.07 the next key target for the bears, or support level for the bulls, can be seen at $162.66 (red trendline). Depending on the earnings and the future outlook of the Fed, volatility will be highly raised. Therefore, let’s also take a look at the upside potential. A close back above $170.07 could be a sign of consolidation, with the bulls then eyeing resistance levels of $174.29 followed by $176.34. A break and close above $176.34 may see an extension towards the area of $178-$180. However, the technical indicators are on the bear's side for the time being as the MACD is negative with the RSI reading 41.