Apple Inc (AAPL) has broken below price support at 179.25, and the widest part of the Volume Profile called Point of Control (POC). Price tends to move towards or away from POC. The downside break of POC could be very bearish.
Note there is minimal support below 179.25. AAPL could quickly move down to its October 2023 bottom.
Note RSI still has not reached the oversold zone which begins at 30.00. The AAPL break of support could be the prelude to a broader U.S. stock market decline.
Wow. I've not seen this bar type in action. The nodes mark open & close (body). Have you always used this? I'm going to watch for a couple days. Nice.
markrivest
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@mommymiles, Hi The bar type seen in the Apple chart are what I use most of the time. Sometimes I also use Point & Figure charts which are very ellfective in detemining support/reostance areas.
curstopher
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I noticed that there is also a double top on the daily chart. Your idea supports the downward move.
markrivest
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@curstopher, Hi thanks for the comment. The AAPL double top was illustrated in my 02/14/24 post and on my website blog.