Apple has broken daily market structure at ~167$ and has been drifting lower since the start of the year. From a technical perspective, the asset appears to be heavy which is sweeping recent lows one by one.
Downside targets I am looking at are:
Target 1: $146.5
Target 2: $138.2
I am looking for a quick move lower to sweep these two lows. If Target 2 is swept then that opens up Targets 3-6.
Over the longer term I am thinking the price will continue lower with the listed lows as targets. I am thinking the second half of the move lower is likely not going to be a straight shot down. Expect chop as the price continues to decline which will likely tempt buyers into the market as short term retraces higher occur.
Target 3: $122.2
Target 4: $116.2
Target 5: $107.3
Target 6: $103.1
Downside targets I am looking at are:
Target 1: $146.5
Target 2: $138.2
I am looking for a quick move lower to sweep these two lows. If Target 2 is swept then that opens up Targets 3-6.
Over the longer term I am thinking the price will continue lower with the listed lows as targets. I am thinking the second half of the move lower is likely not going to be a straight shot down. Expect chop as the price continues to decline which will likely tempt buyers into the market as short term retraces higher occur.
Target 3: $122.2
Target 4: $116.2
Target 5: $107.3
Target 6: $103.1