AAPL Apple Daily Chart; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation; Price Extended

Apple prints a new all-time record high at 162.20. Keystone's 80/20 rule says 8's lead to 2's and 2's lead to 8's so the breach of 158 opened the door to 162 which occurs. The 161.80 level foretold 162.20 which is the exact high print. A move through 162.80 would open the door to 163.20.

Price makes the high with many negatives pushing back against the euphoria. The red lines show universal negative divergence over the last few months and in the shorter term over the last week. There is a sliver of strength in the MACD line so price either moves lower from here, or will print a jog move say down one day then up one day then the roll over as long as the MACD line rolls over. Apple can print a few more days of highs if the MACD line moves above that prior high from May (thin purple line).

Price has violated the upper standard deviation band during August so the middle band at 154 and rising is on the table over the short-term. The strong horizontal price support is at 155 in this same ballpark. Price is extended above the moving averages also requiring a mean reversion. The rising wedge is a bearish pattern.

The expectation is for Apple to pull back in this daily time frame from these highs. A landing zone in the near-term, say a few days or week or two ahead would be in the 155-158 area. Keystone currently has no position in Apple but may nibble on a short this week.

The Apple weekly chart displays universal neggie d agreeable to a pull back. There is some juice in the near-term on the weekly chart, however, so after a week or two of soft prices, AAPL will probably move back up to the current highs again. 

The monthly chart was posted a week or two ago explaining how Apple is likely printing a multi-year top currently. It is very likely the numbers you see in Apple, say over the next month, will not be seen again for several years if they are seen again. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.