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Apple - has the trend come to an end?


phillo

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Oh dear. There was the 19000 mark hit and a little beyond today. Was that pre-cursor price action for another downward move tomorrow or has it come back up with such force that tomorrow will be a continuing move up. Just looking at the daily still, nothing else although they still have a few more market hours to go over there.

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I don't trade individual shares so have no vested interest in this but for what it is worth, there is an argument that the top is in with a pin bar reversal price action on the Weekly chart.  On the Monthly chart I have a speculative pair of channels that are exactly equal in width (a charting feature necessary for validity) but the number of touches on the lines are not great.  This is to be expected with such a parabolic rally as we have seen on these tech stocks.

I can make a case for a top out and strong retrace rally or one more leg up before a top out.  In either case I don't see a Short until we see one of the above scenarios play out.  If one wanted to take a short now then Stops would need to be above the recent top of the market but if there is another higher high that stop would be taken out.  For me insufficient boxes are ticked yet, it is much the same as my assessment of Oil really.

AAPL-Monthly_1118.thumb.png.59402d9b817e1da1f0fa10510cfc37fb.pngAAPL-Weekly_061118.thumb.png.7da0b6c77dcc646834b0ceb29ea6df5b.png

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