Possible downside to Apple, Early short 5:1 risk to reward
Set a stop at $205 (2.5% downside) likely drop to $175 support (12.5% upside) and potentially put in double bottom. Similar to Msft, Nvda, Spy, QQQ and many other stocks are likely to have a correction especially from all time highs.
Apple is a great company with solid fundamentals so I would be careful shorting. They currently have had bad news with Jony Ive leaving and stock downgrade.
From a technical standpoint
Apple has broken trend and has gapped down. The stock is overbought and appears like the 50 day MA may cross below the 100 day MA. PPO has put in negativity divergence.
We will likely see a move down in this stock and some others but I would be careful shorting Apple, I could make an amazing case as to why it is the single best long term stock to hold the next 10 years.
Apple is a great company with solid fundamentals so I would be careful shorting. They currently have had bad news with Jony Ive leaving and stock downgrade.
From a technical standpoint
Apple has broken trend and has gapped down. The stock is overbought and appears like the 50 day MA may cross below the 100 day MA. PPO has put in negativity divergence.
We will likely see a move down in this stock and some others but I would be careful shorting Apple, I could make an amazing case as to why it is the single best long term stock to hold the next 10 years.
Comment:
$173.39 is a very likely level for it to find support it would be an equal low