I have been recently bullish on Apollo Endoscopy (APEN), because of it's ability to hold above the 200-day simple moving average (SMA) this year. For me, this showed that the market was ready to establish the 2017 price action as a price bottom. Still, there was a common resistance around $7.05 a share.APEN Daily Chart(click to enlarge)Is $8.50 Still in Sight?- I anticipated some brief resistance around $7.05, but expected support at or above $6.20. - While price is still above $6.20, we can see that there is a strong bearish push, which tagged $5.50. I believe price will slide back towards this $5.50 low.- If it does, it is putting the $8.50 target on the shelf for the time-being. - But, we should not be bearish if price can hold above $5.50 and the 200-day SMA with the daily RSI still above 40. - When these conditions are no longer true, then we should put $4.00, and even $3.60 in sight as possible bearish targets and forget about $8.50 for a while.