crimsonronin
Short

The APPL of my bearish eye

NASDAQ:AAPL   Apple Inc
I don't often look at stocks, but last week I saw the news that Apple had missed sales targets for its smartphone and delivered disappointing revenue projections.

So I checked the chart, and it doesn't look good for the next year if you are long APPL.

Here's the chart I quickly drew up last week:


Once we break the daily 200MA, I believe it will drop very quickly to around $150USD.

The larger short target is the weekly 200MA, at around $138USD, which has proved to be strong support for the past several corrections.
Comment: As suspected, we had a pullback on the daily due to it being oversold, but it wasn't sustained:


I expect momentum to build once we close below the weekly 50MA, which should happen by the end of this week:
Comment: For a time, our trade was going 100% according to plan, however over the past week APPL has had a good recovery; it bounced off the 200MA and went back to the ATH.

With that said, it seems to have stalled today, and there is a potential for a double top now:



I wouldn't consider this idea invalidated until we have cleared the $180 resistance and retested it for support. But I will be keeping a close eye on it now.
actually a good price right now to get a position ( 158...is SMA200). $APPLE is not CRYPTO so it won't be going lower than that.
Reply
@rothcom65, Thanks for the comment.

It has the potential for a scalp since the RSI is oversold and it should bounce from the daily 200MA, as I've indicated. But I don't believe it will be sustained; you only have to look at APPL historically to see what happens once it dips below the 20EMA on the weekly.

TA applies equally to crypto, stocks and commodities; the timeframes are shorter in crypto and there's more volatility due to the size of the market. Other than that....it's still supply and demand based on sentiment.
+1 Reply
rothcom65 crimsonronin
@crimsonronin, well said. Thanks or the TA.

I bought in at $173 and $168...still holding strong with Apple so my view could be bias.
Reply
@rothcom65, I only trade on TA. FA clouds my judgement. So even if I like a company or a product, or I hear certain news, I will not trade on it. It becomes too emotional.
Reply
crimsonronin crimsonronin
@crimsonronin, correction; I TRY not to trade on emotions...haha
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