My Watchlist [132]: AAPL... The Situation.

Hi everyone. Today I’ll be analysing one of the Magnificent 7:

Apple Inc. (NASDAQ: AAPL)

AAPL has been trading in a consistent series of higher highs and higher lows. Since COVID, AAPL has been in a markup phase (green ascending channel) with multiple consolidation phases (yellow ascending channels).

AAPL was recently trading in a channel (in purple) that cumulated in a breakdown and retest of prior ATHs at 199.62, which also happened to be near the 50% Fib retracement (assuming 237.23 swing high and 164.08 last swing low) at 200.66.

Currently, AAPL is sitting just above the 23.6% Fib retracement at 219.97, the prior support level at 220.20, as well as retesting the prior channel support trendline from below. Not to mention, volume these past 7 trading days has seen a decline on the move up, suggesting that buyers have been weak for the most part.

Based on current price action, AAPL is likely to reject here even after CPI/PPI and head towards the 61.8% Fib retracement at 192.02 as well as a previous gap zone at 188.44-191.73.

However, in the event that AAPL is able to reclaim the previous support trendline, then I am expecting it to head back towards the unfilled bearish gap at 231.46-232.33.

In my last newsletter, I was bearish on AAPL, and I turned to be wrong. This time round, the risk-to-reward is better for bears considering the structural breakdown that occurred in the short term. Thus, I am reiterating my SELL sentiment for AAPL, albeit in a different context and time period.

Sentiment: SELL

Summary (with Price Targets - NFA):

Short-term structural breakdown from ascending channel (in purple) and rally back towards the 23.6% Fib retracement at 219.97 and prior resistance at 220.20
Eventual rejection here will cumulate in a move towards the 61.8% Fib retracement at 192.02 and the prior demand zone at 188.44-191.73
Reclaiming the ascending channel (in purple) will see a move back towards the bearish gap at 231.46-232.33, with a possibility of a retest of ATHs/blow-off top towards the top of the main green ascending channel

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My Watchlist [132]: AAPL... The Situation.

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