Apple has had a tremendous, parabolic rise followed by a huge drop from 705 to 435, over 38% drop in price, in market value. Wow! But after such a meteoric rise what would one expect. (Interesting that 38% is a Fibonacci number.) Here is the daily chart first. Strong downtrend but not oversold per ADX. Strong, increasing spread downward on both 50/10 and 25/5 LRCs. Slightly waning momentum per the ERGO and a bullish divergence. And it stopped at strong support. Possible bounce in the making? Longer term see the next chart.
Weekly basis its in a strong downtrend on all indicators, but not oversold. However Continue reading “Apple’s bear move”