AAPL, which bounced off a support trend that has been in place since 2009, has rallied back to the underside of a major trend line resistance. Over the last 20 years, AAPL has formed a rising wedge. The stock broke to the upside of that wedge to start 2012 but has since fallen back within it - bouncing off a support trend line near the mid-point last month.
A closer look shows that AAPL is currently facing resistance from both the 50 and 200 day Moving Average, along with the upper trend line of that rising wedge.
It may be time to get on board with Chris Kimble's suggestion that AAPL may be on the wrong side of a very big hill… errr, tower.Share this:
Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in AAPL over the next 72 hours.