tristan.rhodes

AAPL running out of room: "X" marks the spot

NASDAQ:AAPL   APPLE INC
41 3 2
Apple             has been respecting a multi-week falling resistance line (red).

After the huge drop on August 24th, AAPL             has been honoring a multi-day rising support line (green).

These two lines are about to meet, forcing AAPL             to breakout of the triangle (up or down) during Monday's trading session. Because of AAPL's huge market cap and trading volume , this will likely also force SPY             and QQQ             to react in the same direction at the same time.

I am leaning towards AAPL             breaking downward because:

1) There is also resistance from the blue horizontal line.
2) AAPL             has retraced 50% of the distance from peak to bottom, so it is ready for another drop.
goodguy PRO
a year ago
Great chart. My analysis is a little different but my viewpoint agrees with you.
Reply
tristan.rhodes
a year ago
Wow, AAPL really waited for the last hour to break out of this triangle. It appears to have done a false breakout UP, with a quick fall back down, and now it close barely underneath both lines.

Based on this behavior, I have to predict that the stock will continue to fall from here. I would put a stop-loss on the green line, in case the stock decides to go back up.
Reply
tristan.rhodes tristan.rhodes
a year ago
We did stay below the green line, and now below the red line. That red line is now my exit trigger.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out