Posted by: stockscooter | April 16, 2012

iCrash in Progress?

Apple stock has fallen from $643, down to $582.  That’s a bit over $60 a share, and nobody is talking much about it.  However, your reliable technical analyst here at Trading Talents kept you abreast of this pending downtrend.  At $642.75 I stated,”…this is a low risk shorting area.”  That was on April 10th, 2012, the day of it’s high.

Granted, there is room for upward correction currently, as denoted by the yellow circle on the chart below, but there are no big ICRASH!!! stories out yet.  That tells me the Big Boys are wanting to make more money on this downdraft , before the small investor jumps on board the train southbound.  They are creating the illusion that this is a buying opportunity here at $583.  Don’t be fooled into believing that  lie.   Any rallies should be viewed as shorting opportunities, unless a new high is printed.  Why, you ask?  To answer that, just go back to my previous post and look at the monthly chart.  The monthly first to turn strength indicator turned negative, so shorts should be your only choice, for now.  Watch the action at the upper trend line.  It should stop the rallies in it’s tracks.  Good luck!

 

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