The APPL of my bearish eye
Updated
I don't often look at stocks, but last week I saw the news that Apple had missed sales targets for its smartphone and delivered disappointing revenue projections.
So I checked the chart, and it doesn't look good for the next year if you are long APPL.
Here's the chart I quickly drew up last week:
Once we break the daily 200MA, I believe it will drop very quickly to around 150USD.
The larger short target is the weekly 200MA, at around 138USD, which has proved to be strong support for the past several corrections.
So I checked the chart, and it doesn't look good for the next year if you are long APPL.
Here's the chart I quickly drew up last week:
Once we break the daily 200MA, I believe it will drop very quickly to around 150USD.
The larger short target is the weekly 200MA, at around 138USD, which has proved to be strong support for the past several corrections.
Note
As suspected, we had a pullback on the daily due to it being oversold, but it wasn't sustained:I expect momentum to build once we close below the weekly 50MA, which should happen by the end of this week:
Note
For a time, our trade was going 100% according to plan, however over the past week APPL has had a good recovery; it bounced off the 200MA and went back to the ATH.With that said, it seems to have stalled today, and there is a potential for a double top now:
I wouldn't consider this idea invalidated until we have cleared the $180 resistance and retested it for support. But I will be keeping a close eye on it now.
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