Apple IncShort
AAPL: Goodbye
Using the 20/50/200 as indicators for a potential LONG term trend, AAPL looks prime for a nice fall down, alongside the rest of the market. Apple's first line of defense, the 20 MA, was tested multiple times in late April and early May, but clearly failed to have any decisive move through the 20 MA's dynamic resistance. Today was blood red for most of the market, and rightfully so, since the market is long overdue for a bigger retracement since the $400 run-up. We completely blew through the 50 MA, which is even stronger dynamic support as it is a higher MA. The 50 MA holds more weight since it is a longer-term moving average, especially on the 4-hour chart. $126 is a key level, with long-term support dating all the way back to December, showing this price level to be high in demand. The 100 MA is also located at this level. If we break through, I presume a big drop will occur, potentially a retest to $120. If we bounce, however, $126 will continue to hold as strong support. I believe the market is due for a pullback.
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