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.
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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:
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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.
actually a good price right now to get a position ( 158...is SMA200). APPLE is not CRYPTO so it won't be going lower than that.
crimsonronin
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@rothcom65, Thanks for the comment.
It has the potential for a scalp since the RSI is oversold and it should bounce from the daily 200MA, as I've indicated. But I don't believe it will be sustained; you only have to look at APPL historically to see what happens once it dips below the 20EMA on the weekly.
TA applies equally to crypto, stocks and commodities; the timeframes are shorter in crypto and there's more volatility due to the size of the market. Other than that....it's still supply and demand based on sentiment.
yourDaddyROTH
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@crimsonr, well said. Thanks or the TA.
I bought in at $173 and 168...still holding strong with Apple so my view could be bias.
crimsonronin
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@rothcom65, I only trade on TA. FA clouds my judgement. So even if I like a company or a product, or I hear certain news, I will not trade on it. It becomes too emotional.
crimsonronin
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@crimsonr, correction; I TRY not to trade on emotions...haha