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Short Set-up for Apple Inc. Possibly Overbought

Short
NASDAQ:AAPL   Apple Inc
There's a strong chance Apple's stock AAPL will get hit anytime soon. RSI and CCI indicators seem to show an overbought state, MACD is slowing down, with histogram approaching to negative values. If you look at the fundamentals, an increase in stock price wouldn't justify it, the stock already hit analyst ratings, with a potential 1.93% downside taking into account the average price target as of the time of writing per Tipranks. https://www.tipranks.com/stocks/aapl/price-target

In the last three months, insider traders have sold around $19.97 million worth of shares, while short interest is at an all time high, at 37.23 million shares since last month.

The overbought state is confirmed also by comparing the future cash flow value and the current stock price. The former is at $182 per share while the latter is at $218, closely approaching an overbought state per data collected by SimplyWallStreet https://simplywall.st/stocks/us/tech/nasdaq-aapl/apple

Considering that from now on, analyst estimate that Apple will have an expected annual growth of only 3.9%, an increase in stock price would only be based on over-hyped sentiment from investors.

Is this the right time to sell Apple's stock? Not yet, since the ADX indicator shows that its still in a bullish rally, with also OBV increasing. Investors should wait until a decrease in both of these indicators, and also a forming of a new Zig Zag line which would indicate a new resistance level . Only then, Apples stock price would very probably go bearish .

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