The APPL of my bearish eye

I don't often look at stocks, but last week I saw the news that Apple had missed sales targets for its smartphone and delivered disappointing revenue projections.

So I checked the chart, and it doesn't look good for the next year if you are long APPL.

Here's the chart I quickly drew up last week:

Once we break the daily 200MA, I believe it will drop very quickly to around $150USD.

The larger short target is the weekly 200MA, at around $138USD, which has proved to be strong support for the past several corrections.

Note

As suspected, we had a pullback on the daily due to it being oversold, but it wasn't sustained:

I expect momentum to build once we close below the weekly 50MA, which should happen by the end of this week:

Note

For a time, our trade was going 100% according to plan, however over the past week APPL has had a good recovery; it bounced off the 200MA and went back to the ATH.

With that said, it seems to have stalled today, and there is a potential for a double top now:

I wouldn't consider this idea invalidated until we have cleared the $180 resistance and retested it for support. But I will be keeping a close eye on it now.

crimsonronin

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crimsonronin