PREFACE
While the market was down small today, it turns out that the little down blip for Apple Inc. (NASDAQ:AAPL) was in fact, technically speaking, a breakdown of a critical level and an opportunity just missed.
STORY
There's only so much credence you can give to technical analysis unless it's your blood and guts trading strategy. But, there are a few hard and fast rules that most traders do pay attention to, if not abide by. During the run up that saw Apple Inc. stock rise from $89 to $110, it crossed over its 50-day and 200-day moving averages.
At the same time, since the stock price was rising so abruptly, it also crossed the 10-day moving average, meaning, for a technical perspective, it had its next support sitting at the annual high of $123. But, the last few days have dipped Apple Inc. (NASDAQ:AAPL) stock enough that it has crossed back below the 10-day moving average. Words aside, this stock chart is the easiest way to look at it.
Source: CMLviz
Down $0.82 for Apple Inc. on the day feels trivial enough, but from the technical perspective, that was a large enough drop to put Apple Inc. back into the sort of "no man's land" it had been for the better part of a year. See how the blue dot, which is the closing price, is now below the purple dot that is the 10-day moving average. You can get this type of stock chart for any ticker on CMLviz.
The author is long shares of Apple Inc. (NASDAQ:AAPL).
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