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gingerbre4d
May 21, 2019 2:57 AM

APPL looking bearish! Short

Apple Inc.NASDAQ

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Welcome to this quick analysis on APPLE!

Proceeding from the BREAKOUT from an upward channel in Jul 2018, we've seen a double topping pattern at 235, followed by a quick retracement and downward capitulation back down 140. In the past week, we've seen price action desperate to retest the 200MA (in red), only to fall back to the 100MA (in orange) - unlikely to prove itself as a strong support indicator, my best guess is for more downward momentum to ensue.

Don't be fooled by the oversold RSI, as the MACD seems to be rolling over, indicating a downtrend in full swing. Cross reference this to the weekly charts, the lower bound expected would be at the 150 range. Over the longer term, my best guess would be for a large wedge to form as price action stabilises.
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