Tuesday, 29 December 2015

AAPL - daily gains, but price structure ain't great

With the broader market closing significantly higher, Apple (AAPL) was similarly on the rise, settling +1.8% @ $108.71. However, AAPL is set for the fifth monthly close below the 10MA ($118s). Until AAPL is trading back above the 200dma ($119s).. equity bulls should be at least somewhat cautious.

AAPL, daily

AAPL, monthly


*price structure on the smaller daily chart is a very valid bear flag. However, I don't expect it to play out, as the broader market looks set for upside - at least for the first half of January.

Seen on the bigger monthly chart, AAPL sure doesn't look great at all, Despite today's net gains, AAPL is still net lower for December, by a very significant -8%.

If AAPL is a guide to the broader market, then there is a real serious problem ahead.

Equity bulls MUST see AAPL re-take the 200dma.. with a January close >$120.