Is Apple Rolling Over?
By:TradingView
Apple has done little for a long time, and some traders may think the tech giant is rolling over.
The first pattern on today’s chart is the weekly close of $278.78 on December 5. AAPL tried to cross above that level the following week but failed. It was revisited early last month without breaking. That may suggest resistance is in place.
Second, the 50-day simple moving average (SMA) is falling and prices have struggled to remain above it. The stock is also slipping below its 100-day SMA. Those points may reflect weakening momentum over the intermediate term.
Third, prices dropped below their 21-day exponential moving average last week and have stayed there since. That may reflect short-term bearishness.
Fourth, converging lines form a potential triangle. Could prices start moving after this period of tightening?
Next, AAPL’s last two earnings reports beat expectations. The stock briefly rallied both times, but with little follow-through. That may reflect limited enthusiasm toward the name.
Finally, AAPL is a highly active underlier in the options market. Its daily average volume of 1.1 million contracts ranks third in the S&P 500, according to TradeStation data. That could help traders take positions with calls and puts.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience.
Margin trading involves risks, and it is important that you fully understand those risks before trading on margin. The Margin Disclosure Statement outlines many of those risks, including that you can lose more funds than you deposit in your margin account; your brokerage firm can force the sale of securities in your account; your brokerage firm can sell your securities without contacting you; and you are not entitled to an extension of time on a margin call.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with.
The first pattern on today’s chart is the weekly close of $278.78 on December 5. AAPL tried to cross above that level the following week but failed. It was revisited early last month without breaking. That may suggest resistance is in place.
Second, the 50-day simple moving average (SMA) is falling and prices have struggled to remain above it. The stock is also slipping below its 100-day SMA. Those points may reflect weakening momentum over the intermediate term.
Third, prices dropped below their 21-day exponential moving average last week and have stayed there since. That may reflect short-term bearishness.
Fourth, converging lines form a potential triangle. Could prices start moving after this period of tightening?
Next, AAPL’s last two earnings reports beat expectations. The stock briefly rallied both times, but with little follow-through. That may reflect limited enthusiasm toward the name.
Finally, AAPL is a highly active underlier in the options market. Its daily average volume of 1.1 million contracts ranks third in the S&P 500, according to TradeStation data. That could help traders take positions with calls and puts.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience.
Margin trading involves risks, and it is important that you fully understand those risks before trading on margin. The Margin Disclosure Statement outlines many of those risks, including that you can lose more funds than you deposit in your margin account; your brokerage firm can force the sale of securities in your account; your brokerage firm can sell your securities without contacting you; and you are not entitled to an extension of time on a margin call.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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