Very interested to see AAPL break down over the course of the next few weeks. The explosion in unusual volume and lack of accompanied progression, along with the bearish wedge hint that AAPL is running out of steam once again. Thinking the volume increase is probably more to do with the recent split.
Comments
vlad.adrian
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That is not unusual volume, that is a stock split 100% ;)
Apple is bearish, but not because of volume
pdiddy.pablo
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Yea what he said. That's just volume after the split...I also think ignoring fundamentals and only playing technical, especially to the short side, has been historically a low yield bet with apple (outside of brief daily or weekly moves).
TradeVulture
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I only play technicals because everything is techinial.
joshjones
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This narrow-minded view will lead you to miss basic things like misinterpreting large volume as "unusual" when in fact it is well BELOW usual for AAPL post-split. Back-adjust (multiply by 7) the volume prior to the split and look for yourself.
TradeVulture
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To be completely honest, I don't even use volume on my charts. If you look in the description you will see I said this is probably due to the split. But if you look at 09/08 volume candle, you will see how it was much higher, and resulted in very little progression. This is a bearish signal.
TradeVulture
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Right. The 9/08 candle looks pretty bearish to me though.
TradeVulture
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Get Paid.
bodo.stock.9
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Can advise at which price level to start shorting? Break of the uptrend support line of the bearish wedge? Or once it drops and close below the horizontal dotted line you drawn on the weekly chart?
TradeVulture
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That's completely up to you and your trading style. I mostly look for progression of levels of support either lost or gained as entry and exit points. The momo on this thing is pretty sick to the upside, so the distribution process will take a while. I expect this thing will probably be ranged bound in a sideways holding pattern. A close below 100 is probably a safer entry. Anything above that offers potential of making a new high first. Completely up to you.
Apple is bearish, but not because of volume