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AAPL Bearish Rising Wedge Pattern

Member @gaucho requested an update on AAPL, which was recently posted as working its way up within a bearish rising wedge pattern. Following the recent wedge overthrow & subsequent move back down into the wedge, AAPL appears poised for an imminent breakdown & move lower towards any of all of these price targets. 60-minute chart:

AAPL 60-min Jan 30th

AAPL 60-min Jan 30th

 

Apple is still an unofficial trade idea at this time & the potential targets shown on the chart above are the actual support levels, unadjusted for an optimal fill. As such, best to set you buy-to-cover limit order(s) slightly above any of those level that you are targeting in order to help prevent missing a fill, should the stock reverse just shy of support. Although a breakdown appears both likely & imminent, a sell signal would only come on an impulsive breakdown and/or 60-minute candlestick close below the wedge pattern.

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2017-03-08T21:19:14+00:00Jan 30, 2017 10:49am|Categories: Equity Market Analysis, Unofficial Short Ideas|Tags: |Comments Off on AAPL Bearish Rising Wedge Pattern