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Apollo Endosurgery (APEN) Pulls Back; Look for Support Around $7.00

We have been stalking Apollo Endosurgery for a bullish breakout and a subsequent swing. We recently saw APEN approach our target and a previous support to be respected as resistance, around $9.50

APEN Daily Chart

(click to enlarge)

Pullback vs. Previous Resistance:
- As we can see, price retreated sharply after tagging $9.50. 
- I think there is still some more downside in the very short-term, but this downside will be challenged if it approaches $7.00.
- $7.00 was a previous resistance and a previous pivot as well.
- Also monitor the RSI as it approaches 40. If APEN is still bullish, we should see price supported around $7.00, and the RSI to turn up from around 40. 
- We might see some extension below $7.00, but an immediate rebound back above should be a sign that the market is respecting the previous consolidation area as a base - a bullish sign.