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AAPL - Short-term Technical Assessment (10/28)

After beating estimates ($1.96 vs $1.88), Apple (AAPL) shares still trade near a support/resistance pivot area around 120. The daily chart shows the rejection when price came up to this pivot. 

AAPL Daily Chart 10/28

(click to enlarge)

The 120-124 area represents a previous support as well as common resistance area. If price holds under 120, it would be a strong sign that AAPL might still be in a consolidation, bearish correction mode. A break above 124 on the other hand signals a return to the bullish mode. 

Another key level is 112, which also represents a support/resistance pivot and is where the 50-day SMA resides. A break below 112 could signal bearish correction in the short-term with drag back towards at least 108 and then 100.00.