APPL daily double top, ready for the new strong leg down?
After the FOMO and hype, AAPL has arrived at its resistance level, which it has been unable to break for now. It has now formed a double-top reversal pattern, and with a break below the blue dotted line, the game will be over for AAPL and likely for the whole market as AAPL is a significant part of it. AAPL has also broken below the trend line that has been honored for several weeks, which is adding more pressure on the price and sellers.
The volume is neutral, and the price is still above all major MAs, which is still a bullish sign.
However, the RSI has strong negative divergences, indicating a bigger drop in front of us.
The MACD histogram will likely tick red today, while the MACD line will almost certainly cross below the signal line, signaling a strong sell signal and time to sell.
Overall, AAPL's massive 26% rise on bad financial reports and during huge inflation is proof that this was only a retail traders' pump due to the idea of rate cuts or a soft landing. Now, after so much bad inflation data, retail traders will likely become bag holders. At the moment, AAPL is one of the top retail traders' stocks, while retail traders, aka dumb money, are at their highest level in stocks in the last few years. The big boys are out and waiting while dumb money is buying like there is no tomorrow. With a drop below the blue dotted line, a short position will be triggered. There is a BigRed, but it's possible it won't hold support.
However, from a bullish point of view, bulls need to step in now and keep the price at this level. With a strong close above that double top high, the price would trigger a new buy signal with the possibility of reaching 175. However, the chances of going up are less than 20%.
The volume is neutral, and the price is still above all major MAs, which is still a bullish sign.
However, the RSI has strong negative divergences, indicating a bigger drop in front of us.
The MACD histogram will likely tick red today, while the MACD line will almost certainly cross below the signal line, signaling a strong sell signal and time to sell.
Overall, AAPL's massive 26% rise on bad financial reports and during huge inflation is proof that this was only a retail traders' pump due to the idea of rate cuts or a soft landing. Now, after so much bad inflation data, retail traders will likely become bag holders. At the moment, AAPL is one of the top retail traders' stocks, while retail traders, aka dumb money, are at their highest level in stocks in the last few years. The big boys are out and waiting while dumb money is buying like there is no tomorrow. With a drop below the blue dotted line, a short position will be triggered. There is a BigRed, but it's possible it won't hold support.
However, from a bullish point of view, bulls need to step in now and keep the price at this level. With a strong close above that double top high, the price would trigger a new buy signal with the possibility of reaching 175. However, the chances of going up are less than 20%.
Nota
Small chance for AAPL to hold after such a bad inflation report. 140 is 50 days MA which could only be intraday bounce support and there we go, for a new low!
Consistency is the key of success....
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Consistency is the key of success....
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.