Apple stock (NASDAQ:AAPL) is in a major downtrend and this
is a bias that is expected to continue, based on what is happening in the
chart.
The major downtrend started in December 2015, and it has
held out till now. Although the market has consolidated so far this week, it is
below the EMA 21 on the daily chart, while the Williams’ % Range period 20 is
often around the oversold territory.
It is advisable that buyers should shun Apple stock until it
is clear that the bearish bias is over, i.e. until the price goes above the EMA
21. Until then, occasional rallies should be taken as short-selling
opportunities.
The outlook for Apple is bearish for the year 2016.
This forecast is ended by the quote below:
“Good traders take many losses; they admit they are wrong
and keep the damage small. Not having to win on every trade and taking losses
when conditions indicate they should stick to what allows them to be profitable
over many trades.” - Cory Mitchell
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
What Super Traders Don’t Want You To Know: Super Traders
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