AAPL Technical Analysis June 22, 2022
Rotten Apples
Back in March 24th, 2022, I wrote a nice piece on AAPL( https://www.tradingview.com/chart/AAPL/lP0G6zrl-APPL-3-24-22/)
During that time,AAPLhad posted 8 consecutive green days and the bag holding fanboys were full of hope buying it up.
In this writeup, I compared the AAPL’s 2008 chart vs 2022s. The similarities were incredible. Even what was going on in the world during that time.
Since the time of the writing, AAPL’s 2022 chart has followed the exact route of the 2008’s.
Let’s see where we stand today.
$Apple(AAPL)$ Daily Chart Analysis
After seeing its Uptrend top out at 180 back in January 2022,AAPLentered a sideways range between 150-180.
AAPL’s last hope came when it posted 10 consecutive green days back in March 2022.
Unfortunately, even with the streak of consecutive green days,AAPLwas not strong enough and failed to make a higher high. This is when everything melted down.
By May 11th, 2022, price came crashing down thru support at 150 and broke down from range. This signaled the end of the Uptrend forAAPLand the sideways range can now label a Distribution stage.
This also marks the possible start of Downtrend forAAPL.
Price continued to drop until it found support at 136.
From here price pulled back to 150.
The bears were now looking to turn the previous Support of 150 into aresistance level.
During this time, we also see a Death Cross to further signal thebearishconditions.
The Bears were successful at turning previous support of 150 into resistance and shot price down to 130.
This break down move made a lower low and now confirmed the Downtrend forAAPL.
Currently, price has pulled back to previous support at 136 and is looking to turn support into resistance and make its next move down.
TheMACDindicator is currently inbearishterritory and under its signal.
The last dailycandlesticksare small with very with little momentum in an area of value. This is my cue to enter trade short.
Will be entering trade Short
Entry: 135.50
Stop loss: 142.82
Target: 199.99, +11.45%, 2.21 RR ratio
Please check out my original post on AAPL along with all my other trade ideas at :
https://www.tradingview.com/chart/AAPL/lpGZLoBj-AAPL-6-22-2022/
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Use common sense new invention yet to come , so now no point to buy new apple