FINANCIAL ICEBERG
Always consider hidden risks
 TECHNICALS
Apple Shares:  At Technical Crossroads?
​October 3  2016 ( From TradingView )
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​Apple Shares are still within a Daily Rising Wedge. 
(See First Chart Below - Thick Blue TrendLines)​

A failed breakout (September 15 to 19) happened on that wedge
as we we​​re way overbought (according to the Bollinger Bands)
as I published on my Twitter feed back then.

Since the failed breakout, we are now within a Daily Downtrend
​Channel​​ and testing the Support Trendline that Bulls need to protect.
(See First Chart Below - Yellow Trendline - Ellipse)​​


​​We have a better view of that Rising Wedge on a Weekly Chart
​(started back since May 23 2015).

​​(See Second Chart Below - Top Panel Thick Blue Trendlines - Ellipse)​ 

The On-Balance Volume Technical Indicator (OBV) on Apple Shares
is showing a turnaround since bottoming out in June 20 2016 week
​and ​much stronger​ than the SPY ETF... 
(See​ Second Chart Below - Bottom Panel - ​Yellow Trendline)

As few of us realize that we did close above the 24 MMA
​(Monthly Moving Average) on Apple Shares in September at $112.13; lat time it did was back in November 2015!  (See Third Chart Below - Green Line - Ellipse) We also close above the 50% Fibonacci Retracement at $112.00...

​​​​On a relative basis (ratio of AAPL vs SPY ETF), Apple Shares are outperforming ​tremendously the SP500 Index (SPY ETF) since bottoming out on July 26 2016. Appe Shares 
finally Broke on a relative basis a Major Daily Downtrend Channel that started back since July 20 2015! (See Fourth Chart Below - Downtrend Channel - Ellipse) 

Needless to say that the real challenge for Bulls is (on a relative basis with the SPY ETF) to break the Major Resistance Trendline thta started back since July 1 2013. (See Fourth Chart Below - Red Trendline)

And also ​we can observe that Apple Shares are  outperforming ​tremendously the Technology Sector on a relative basis (ratio of AAPL vs XLK ETF ​- Daily Chart) since July 26 2016 (See Fifth Chart Below).
​​It did break also a Dailly Megaphone Channel that started back since May 12 2016. 

​(See Fifth Chart Below - Thin Yellow Lines)
We are back testing the Support of that Megaphone Pattern.

Interesting to note that we also broke (on a relative basis with the XLK ETF) the 200 DMA (Day Moving Average) on September 14 2016. Last time we were above it was back on July 29 2015!
But most importantly, we broke on August 8 the Major Resistance Trendline of that Downtrend Channel on that ratio that started back since July 21 2015!.
(See Fifth Chart Below - Downtrend Channel)


​​In Summary: Apple Shares are now at a technical crossroads as we are:
1) Tested the Daily Support Trendline  (See First Chart - Yellow Trendline)
2)​ Tested the Daily Support Trendline of a Megaphone Channel on a relative basis with the SPY ETF
(See Fourth Chart Below​ - Blue Trendline)
3) Tested the Daily Support Trendline of a Megaphone Channel on a relative basis with the XLK ETF​​
(See Fifth Chart Below - Yellow Trendline)
​4) Seasonals over the past 10 years have been Bearish on Apple Shares from September 22 to bottom on October 11 on average.
​​​

"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."

-Sun Tzu, the Art of War

Apple Shares: At Technical Crossroads? $SPY, $AAPL  #Trading #investing #aapl #SP500 #stocks

Financialiceberg.Com
Weekly Ratio
Apple Shares ( AAPL )
over
SP500 Index ( SPY ETF )​​
​20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​​​

Financialiceberg.com
Apple Shares ​(Top Panel - AAPL - Weekly Candles)
​OBV ( Bottom Panel - Blue Line)​
Financialiceberg.com
Daily Ratio
Apple Shares ( AAPL )
over
Technology Sector ( XLK ETF )​​
20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​​​

Financialiceberg.com
Apple Shares ​​(AAPL - Monthly Candles)
3 MMA ( Monthly Moving Average - Yellow Line )​
12 MMA ( Monthly Moving Average - Red Line )​​
24 MMA ( Monthly Moving Average - Green Line )​​​

Financialiceberg.com
Apple Shares ​(AAPL - Daily Candles)
​20 DMA ( Day Moving Average - Yellow Line )​
50 DMA ( Day Moving Average - Red Line )​​
200 DMA ( Day Moving Average - Green Line )​​​