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Apple near key support at $168.18 to $166.34


MongiIG

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Apple near key support at $168.18 to $166.34

Only a couple of weeks after Apple became the first company to touch a $3 trillion market valuation the technical picture looks less rosy.

bg_apple_362434138.jpgSource: Bloomberg
IG Analyst | Publication date: Wednesday 19 January 2022 

 

Just a couple of weeks after Apple became the first company to touch a $3 trillion market valuation, the technical picture looks less rosy in light of rapidly rising US yields and general risk-off sentiment.

The day Apple made its all-time high - at $183.35 on 4 January - it closed lower and in doing so formed a Dark Cloud Cover on the daily candlestick chart. It has been coming off ever since.

The $168.18 to $167.05 support area, consisting of the mid-December and early January lows, is key for the ensuing trend. A slip and daily chart close below this zone and ideally also below the 55-day simple moving average (SMA) at $166.34, would not only mean that a series of lower highs and lower lows has been made since the beginning of the year (i.e. the definition of a downtrend) but that a double top pattern has also been formed. Both have bearish implications and would indicate that the long-term uptrend is entering a consolidation phase.

It is therefore possible that a slide back towards the September high at $157.03 may be in the pipeline were a fall through support at $166.34 to be witnessed on a daily chart closing basis. The risk of such a drop being seen will remain in play while no bullish reversal takes the share price back up above the last swing high made on the 12 January high at $177.15.

19012022_AAPL-Daily.pngSource: ProRealTime
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