Daily timeframe analysis for AAPL
The daily support that I drew back on May 12th that started in January has broken. Failure to establish new highs in the $200 range indicate that profit taking, and a bearish reversal may be imminent.
As discussed in my previous posts on the 15-minute and 4-hour timeframes, we are looking for clear levels that will likely indicate a watershed moment for AAPL falling back into the $180's or possibly lower (although I believe buyers would step in at that point currently).
If the dashed lines break and apples drops another $7 or so, the $185 mark will become resistance once again. This was a clear threshold that wasn't even getting touched until recently. This would also be a 6.67% drop from recent highs.
As discussed in my previous posts on the 15-minute and 4-hour timeframes, we are looking for clear levels that will likely indicate a watershed moment for AAPL falling back into the $180's or possibly lower (although I believe buyers would step in at that point currently).
If the dashed lines break and apples drops another $7 or so, the $185 mark will become resistance once again. This was a clear threshold that wasn't even getting touched until recently. This would also be a 6.67% drop from recent highs.
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