APPLE INC - AAPL - Daily - Downtrend Analyzed - 123 target
Daily Downtrend is still in effect.
There are many bearish factors happening on this chart:
1. Earnings were reported at the end of April and AAPL has not re-grouped and has not advanced since that report. 132 is the "KEY LEVEL" to watch.
2. 4 "range expansion" down days have occurred since the recent high.
3. An area of "INDECISION" occurred (see black triangle) where 6 trading days were "inside" of the first day's range. This is a sign the buyers are hesitating and uncertain whether to pay up for AAPL shares. This is bearish, especially when you break down out of that zone. The top half of the "indecision zone" is resistance, as you can see from a similar time back in Feb-Mar when it happened also.
4. A "time@mode" decline has been in place since AAPL peak in mid-May at 133. The mode of that decline is 130 and it set up the current decline to under 126 on Tuesday. The mode at 130-130.50 also rejected the current advance
5. The gap-UP and close-DOWN trading range today is a sign that there is a wall of sellers just over the current market level.
You can see that we are in the middle of the current "earnings reporting season" as I drew in an "earnings cycle". The end of July is when AAPL reports next.
I put in my projection for the current decline as it is only a few percentage point decline.
Tim 4:08PM EST Thursday, Jun 11, 2015 128.60 last AAPL.
Target: 123. Stop 131.50. Avg True Range (11-day is 2.6 pts.)
Sorry: The Ideal entry was $129.50 reached today where risk was 2 points, downside 6 points.
There are many bearish factors happening on this chart:
1. Earnings were reported at the end of April and AAPL has not re-grouped and has not advanced since that report. 132 is the "KEY LEVEL" to watch.
2. 4 "range expansion" down days have occurred since the recent high.
3. An area of "INDECISION" occurred (see black triangle) where 6 trading days were "inside" of the first day's range. This is a sign the buyers are hesitating and uncertain whether to pay up for AAPL shares. This is bearish, especially when you break down out of that zone. The top half of the "indecision zone" is resistance, as you can see from a similar time back in Feb-Mar when it happened also.
4. A "time@mode" decline has been in place since AAPL peak in mid-May at 133. The mode of that decline is 130 and it set up the current decline to under 126 on Tuesday. The mode at 130-130.50 also rejected the current advance
5. The gap-UP and close-DOWN trading range today is a sign that there is a wall of sellers just over the current market level.
You can see that we are in the middle of the current "earnings reporting season" as I drew in an "earnings cycle". The end of July is when AAPL reports next.
I put in my projection for the current decline as it is only a few percentage point decline.
Tim 4:08PM EST Thursday, Jun 11, 2015 128.60 last AAPL.
Target: 123. Stop 131.50. Avg True Range (11-day is 2.6 pts.)
Sorry: The Ideal entry was $129.50 reached today where risk was 2 points, downside 6 points.
Trade closed: target reached
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