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Fan Yang

Apollo Endosurgery (APEN) Challenging Key Trendline Support

Apollo Endosurgery $APEN has been bullish for the most part since late 2017. Coming up from just below $4.00, price came up to $9.50 by July 2018, but has been in a bearish correction ever since. It looks like the bearish correction is now attacking a key support, and if the overall market is to remain bullish, we should see this area defended this week. Otherwise, APEN would have a bearish outlook.

APEN Daily Chart

(click to enlarge)

Support Tested:
- The daily chart shows that there is a rising trendline support meeting price action just below $6.50. 
- We should also note that the area around $6.25 is the middle of a previous consolidation range, and should be respected as support IF the bullish trend is still in play. 
- We might see some intra-session violations, but if price is below $6.25 at the end of the week, I would turn bearish on APEN and look for pressure on the $5.40 support area. 
- A close back above $6.50 and the 200-day simple moving average could maintain the general uptrend in 2018. 
- At this point, we might need to see a break above $7.00 before the market is convinced of the bullish trend. This scenario would open up the $9.50-$10.00 area.