djflowmaster

AAPL looks bearish & could break to downside of 120

Kort
NASDAQ:AAPL   Apple
Looks bearish here as it has b/o to the downside of the intermediate upward trendline from 4/14'. It also just had an outside bearish engulfing week 2 weeks ago and has been trending lower as it is testing major support lvls. Also has been in a consolidation range for almost all of 15' & can't seem to break out to new highs which this consolidation could actually be distribution. if it breaks thru the next support pivot lvl. at 120.39 which is the .23% Fib ret. lvl. from the 4/14' intermediate trend then it could be headed lower and start a new bearish trend w/ a tgt.#1=115 & then tgt.#2=111.64. Lvls. to watch also are the 200 dma at 120.21 on the daily & 119.22 which the most recent lowest pivot support lvl. As always watch volume for confirmation.

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