$NASDAQ:AAPL End of Apple Marathon?
Updated
Although Q2 earnings met estimates, it looks like it didn't impress. I've already closed my long position and will observe.
Q4 2022 earnings were below estimates, however the trend continued upwards.
Q1 2023 earnings exceeded estimates, however the trend took a tiny dip and continued upwards.
However, on the 12H chart:
This is the first time since the uptrend started to close a red candle below the upward trend line.
The first time since January, the RSI line touches the bottom border
The first time since March, the MACD line crosses "0"
The first time since March to close a candle below the 60 SMA line.
Already crossed below the nearest support at 187
Next is at 183, then FIB 38.2% at 170, 50% at 161 and 61.8% at 153.
Tomorrow it will clear up a bit whether this is short pull back or a reversal. I'm not taking any short position just yet.
Thoughts?
PS: this is not a trade advice, please do your own analysis
Q4 2022 earnings were below estimates, however the trend continued upwards.
Q1 2023 earnings exceeded estimates, however the trend took a tiny dip and continued upwards.
However, on the 12H chart:
This is the first time since the uptrend started to close a red candle below the upward trend line.
The first time since January, the RSI line touches the bottom border
The first time since March, the MACD line crosses "0"
The first time since March to close a candle below the 60 SMA line.
Already crossed below the nearest support at 187
Next is at 183, then FIB 38.2% at 170, 50% at 161 and 61.8% at 153.
Tomorrow it will clear up a bit whether this is short pull back or a reversal. I'm not taking any short position just yet.
Thoughts?
PS: this is not a trade advice, please do your own analysis
Note
Down trend continues with no signs of reversal yet. Already broke $183.First FIB level at $169.88, expecting some consolidation at that level before defining the next direction.
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