Corey Rosenbloom: What’s going on with Apple Inc. (NASDAQ:AAPL)?
This week shares broke a key trendline support level, breaking out of a triangle pattern and giving us yet another sell-short (or sell) signal in an ongoing and confirmed new downtrend.
Let’s take a look at what’s going on and what the short-term future may be for this once high-flying name:
First, trends are defined by price, and downtrends are marked by lower lows and lower highs.
Apple is downtrending on the daily chart and just broke under a key trendline support level at $115.00.
Note the highlighted Triangle Price Pattern at this level along with the rising (lower) trendline.
Earlier, price shattered this key pivot point and volume surged as price broke lower.
This was a validation of the breakout, triggering a short-sell (or liquidate) signal that resulted in price falling to where we are now under $110.00 ($109 at the moment).
Here’s the weekly perspective for a broader view of what’s going on:
Apple (AAPL) peaked in a distribution pattern (divergences) above $130.00 per share.