nmike

CLONING APPLES

Short
BATS:AAPL   Apple Inc
5
I've drawn a channel based on the 201.17 & 77.51 pivots . Then I CLONED the reference channel and look what happened; a MONTHLY shooting star that close just below the top of a CLONE. At the same time there was a significant negative divergence and a much lower EFI bar.On a monthly chart, more often then not, this scenario is a sign of a SURE TOP. Now you can use the boundaries of the channels as your support/ resistance .. You can also add a FIB retracement starting from the 77.51 pivot to the shooting star . As a general rule price below 10MA is considered bearish .

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.