Examining Apple Computer Weekly chart it looks like after running back to the 120 level it consolidated for a prolonged amount of time, approximately 5-7 days, and today we finally broke that consolidated range low, even on a strong market day. Question to the adept traders, upside failure, consolidates, bottom fails to hold, is technically a short right? On top of that it's lagging the market. Could use some extra cash for the holidays, thinking of shorting it right here in afterhours for a 4-5 point drop, with stop above this week's high. Thanks for your input.
No takers huh? Im sure the experts will show up in a few days with hindsight explanations lol Anyway, I like your short, should breach 115 without problems, once it starts entering the 114.50-114 area we would need more data to continue but the downside looks good now. If you can short 118 area great, otherwise jump in and hold until you get to the areas I mentioned. Your stop also looks very good.
Very good call! Thanks for posting on it @Iron.Maiden , I saw this yesterday, but then forgot about it and got lucky on the timing. I bought the 118 put (@1.63) off the triple top on the 1m chart. I had to leave though and put way too tight of a limit on there to exit. I missed a big chunk of the move...oh well still a profit.
I don't think they're in trouble. Just a simple market correction, it'll pass. I actually think that incoming Christmas will be great for them (everyone starts buying iPhones as Christmas presents) and 2016 will be a lot bigger for them than 2015 was.
Looking good for @113, then I suspect back up retest or a lower high, then lower. Defo, lagging the Nasdaq at the moment, interesting.