Apple - Extremely Bearish Outlook - Andrew Roupas
In todays analysis, I will be looking at and breaking down the reasoning for my incredibly bearish stance against apple as we will be looking at the weekly time frame in todays breakdown. To begin, we can easily use prior levels of S&R in combination with Fibonacci levels of retracement, which in my opinion give us a clear map as to what will occur within the following weeks. We have obviously topped and this is clear by simple candlestick analysis as price has rejected numerous times on the Weekly and that the trend IMO is about to reverse. The floor is about to fall through and the first drop in price, based on fib levels that I have drawn, indicate $150 to be the target price which I have drawn a yellow line horizontally. Furthermore as we focus on the Moving average convergence divergence (MACD) specifically by focusing in on the histogram we can clearly see in my opinion a clear forecast of a drop in price. Buyers tried this past week to take back position, now that lower highs are being made and many buyers securing profits, this is a prime play in my opinion to short. Any comments or opinions would be greatly appreciated.
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