Apple Inc. (NASDAQ:AAPL) U.S. Dept of Justice was given jurisdiction to include the iPhone maker as part of broader antitrust probe
Shares of Apple Inc were down nearly 3% in afternoon trading on Mon following a Reuters report that the U.S. Dept of Justice was given jurisdiction to include the iPhone maker as part of broader antitrust probe.
Stock has since pared loss, last down 1.0% at $173.29.
Regulatory risks have weighed on other members of the so called FAANG group of momentum stocks; Facebook Inc is down 6.9%, Amazon.com off 4.4%, Google parent Alphabet Inc sliding 6.4%.
The broader Nasdaq was last down 1.3%, with FAANGs weighing heaviest.
Communications services and tech sectors were the heaviest drag on the S&P 500, down 2.7% and 1.5%, respectively.
So far this year, AAPL has gained ~10%, slightly underperforming the IXIC’s ~11% advance.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 188.35.
The projected upper bound is: 182.28.
The projected lower bound is: 163.45.
The projected closing price is: 172.86.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 22.9140. This is not an overbought or oversold reading. The last signal was a buy 0 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 27.88. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 19 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -121.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 25 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -1.770 at 173.300. Volume was 38% above average (neutral) and Bollinger Bands were 76% wider than normal.
Open High Low Close Volume___
175.600 177.920 170.270 173.300 40,396,068
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 179.34 194.52 191.05
Volatility: 26 31 40
Volume: 30,205,748 29,924,334 34,674,008
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
APPLE INC is currently 9.3% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume out of AAPL.O (mildly bearish). Our trend forecasting oscillators are currently bearish on AAPL.O and have had this outlook for the last 15 periods. Our momentum oscillator is currently indicating that AAPL.O is currently in an oversold condition.