Selling into Nov 2014 recent highs has morphed into churning. See also link to previous post in 2014.11.24 (TradingView dates are mis-aligned) re my position size reduction going into $120 Nov 2014. Right shoulder $114.85 was a cyclical resistance level calculated on 2014.12.10. Trading lifted prices off short term lows at $106.26 on Dec 16. Likely pro trading desks sold into strength particularly on 2014.12.19 leading to "Lo Demand" & "Distribution" on 2014.12.29 at the mentioned cyclical resistance level. Now I have a couple of longer term supply signals in play. One level 3 Excess Supply confirmed from 2014.08.27 and now a tentative level 4 Excess Supply. I believe longer term owners are distributing to newer entrants at these prices in a position reduction perhaps (as I did). I think it is highly probable for drop to the $102 - 100 area as sideways churning continues into earnings the fourth week of Jan 2015 I am near term "short" bias. I would not take a short position but I have reduced size between $119 - 120 as stated in Nov. My longer term bias is bullish long given the fundamentals of Apple. BTW... currently I have a resting buy order at slightly over $101. If filled, I may play it as a possible short term trade. See attached static charts for some clarity.
