AAPL the Stock broken down
The stock has broken all supports today. The 21 day moving average and now the 50% Fibonacci retracemnet levels not shown in video. The uptrend from the reversal of 11/16 is now broken to the downside.
AAPL failed to capture the 200 day moving average in this Fiscal Cliff fiasco and lost momentum to the upside. Sellers and shorts got hold of it and worked behind the scenes in after market trading and pre-market trading to gap this down two consecutive days and pushed it down to the place where it all began on 11/17 levels. This kind of underhanded trading has now rattled the confidence of basic investors who will be taking hard look. The stock may wallow here for days spiking up here and there combined with sharp sell offs. There is more red on the daily chart than green.
It will take a while to get back this confidence and find buyers, meanwhile bears can enjoy and party in a lackluster stock.
The Fiscal Cliff and parade of politicians has also contributed to the demise of American’s greatest company so far, there is no doubt in my mind it has scared away investors. This is not about to go away anytime soon either.
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