$AAPL: Top or Not?
Is this a top or just a sideways correction to pattern out excessive price gains that are above current fundamentals?
This is the big question when studying stocks right now.
AAPL is definitely not a sideways trend right at the moment, but is it a downside run after a top? What is missing? There are 2 lower highs BUT just ONE lower low.
To confirm a Top, you need the second lower low. AAPL doesn't have 2 lower lows at this time. The recent low is slightly higher than the previous first low.
So selling short has high risk for AAPL at this time. Resistance for swing trades is at the red lines, which are the highs of each minor gap down.
This is the big question when studying stocks right now.
AAPL is definitely not a sideways trend right at the moment, but is it a downside run after a top? What is missing? There are 2 lower highs BUT just ONE lower low. To confirm a Top, you need the second lower low. AAPL doesn't have 2 lower lows at this time. The recent low is slightly higher than the previous first low.
So selling short has high risk for AAPL at this time. Resistance for swing trades is at the red lines, which are the highs of each minor gap down.
Martha Stokes, CMT
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