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Apple: Potential Topping PatternsApple hit a record high last month, but it may be struggling in the new year.
The first pattern on today’s chart is the late-October peak around $275, followed by a push above $285 and another high around $275. Some traders may view that as a potentially bearish head-and-shoulders reversal pattern on the tech giant.
Second, AAPL broke the apparent neckline at $265. It then stabilized for five sessions, forming a potentially bearish flag.
Third, prices have broken the 50-day simple moving average (SMA) and could be at risk of breaking the 100-day SMA. Those points may reflect weakness in the intermediate and long terms.
Next, the 8-day exponential moving average (EMA) is below the 21-day EMA and MACD is falling. Have short-term trends turned negative as well?
Finally, AAPL is an active underlier in the options market. That could help traders take positions with calls and puts.
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