This is the lowest MFI in over a year and yet the price has not fully moved to match the exodus of money flow. My expectation as shown is $172.30 in the near term and then another assessment should be done. 99% of the time price follows the MFI. Notice how as apple was making new highs 3 weeks ago there was a negative divergence on the MFI; Dec.18 was the optimum time to sell.
Comment:
Since May of 2022 AAPL has be trading slow but steady within a Trading Rectangle between the Low around $164.00 and the high of $200.00. Not a lot of opportunity to make or break a trading account. This is because AAPL has such a Large portion of it's available Float held by Institutional Investors and Funds (5876) at nearly 62% that they need to support the business and with so many shares outstanding if someone decided to short it, the amount wouldn't make a dent in the price. AAPL is so stable that unless they really sc**#% things up you're pretty safe to expect this trading range to hold through the year. This new chart shows the near term expectation for both a breakout and a breakdown. With it recently being oversold it is likely to hold current support and worst case scenario holds support at the 200 day EMA around $178.00. Depending on the up coming financials on Thursday Feb. 1/04 we'll see how it plays out each week.
