Apple Inc. (NASDAQ:AAPL) on stage at WWDC 2019

Apple Inc. (NASDAQ:AAPL) on stage at WWDC 2019

Apple Inc. (NASDAQ:AAPL) on stage at WWDC 2019

On stage at WWDC 2019 on Monday afternoon, Apple’s vice president of hardware engineering, John Ternus, had just re-appeared in front of the audience.

For the past 20 minutes, various Apple executives had taken the stage to show off the new features of the Mac Pro, Apple’s most powerful computer ever, and one intended for professionals. Now, Ternus was back to reveal how much they were selling the beast of a computer for.

The announcement of the price points for the Mac Pro and the Pro Display XDR monitor – starting at $US6,000 and $US5,000, respectively – were met with cheers and applause. But when it came time to debut the cost for the monitor stand, Ternus’s announcement received something rare for an Apple event – groans.

That’s because the new Pro Stand is priced at $US999, which is as much as an iPhone XS. The murmurs rippling through the crowd were audible even on the event’s livestream, as was what sounded like the sole clap from someone in the audience. Even Ternus seemed to notice the murmurings, but he soldiered on with the rest of the announcement, including that the $US999 computer screen stand would be available to purchase this fall.

But the reaction on social media to the $US999 stand echoed the sentiment inside the conference auditorium, with those following along via the livestream quickly chiming in to voice their displeasure. Users on Twitter and Reddit were taken aback by the $US1,000 price tag for a stand to hold an already-$US5,000 monitor (for the full package shown in the picture below, you’d have to fork over at least $US12,000).

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 188.14.

The projected upper bound is: 189.12.

The projected lower bound is: 169.71.

The projected closing price is: 179.41.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.1709. This is not an overbought or oversold reading. The last signal was a buy 1 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 39.80. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 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 -54. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 26 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 6.340 at 179.640. Volume was 100% below average (consolidating) and Bollinger Bands were 55% wider than normal.

Open High Low Close Volume___
175.440 179.830 174.520 179.640 18,313

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 178.99 194.29 190.89
Volatility: 32 32 40
Volume: 26,346,352 29,076,548 34,530,060

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.

Summary

APPLE INC is currently 5.9% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 16 periods.

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