novvoll12
Short

AAPL-The sharp reversal off 110.23 range resistance points lower

NASDAQ:AAPL   APPLE INC
34 0 0
AAPL             stalled at the 110.23 resistance area (August 16, 2016 high). Subsequent sharp reversal suggests bears are back in control, looking to fill the gap and test 101.00 (July 21, 2016 high). A decisive break below the latter would confirm near-term topping and expose the key YTD low at 89.47 (May 12, 2016). Beneath lies the long-term support around 85.00 (near 7.5-year rising trendline support and 61.8% retracement of the 55.01/134.54 upswing (April 2013 higher low/April 2015 all time high)).

If the 101.00 support area (near the 200 day moving average ) manages to contain the weakness, an upside extension above the 110.23 resistance would signal channel/range breakout, turning the structure bullish . Above 110.23 would open 123.82 next.

Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral

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