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  1. Home
  2. / Investing

The Charts Are Cooking Up an 'Apple' Turnover

AAPL is going lower, according to the indicators.
By BRUCE KAMICH
Feb 24, 2023 | 01:55 PM EST
Stocks quotes in this article: AAPL

Apple ( AAPL)  is perhaps the most closely followed company on the face of the planet. Many people track all the new developments as they can become "game changer" moves. As a technical, analyst I follow the moves of the stock price. 
 
Let's check out the charts and indicators.  
 
In this daily bar chart of AAPL, below, I can see that the price of AAPL is now back below the declining 200-day moving average line. (A number of bullish analysts, both technical and fundamental, have pointed out the number of stocks that are trading above their 200-day moving average lines. Here is one leadership stock that has reversed direction.) The daily On-Balance-Volume (OBV) line looks like it has made a top in February. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take-profit sell signal. 
 
 
 
In this weekly Japanese candlestick chart of AAPL, below, I can see that some recent candle patterns show upper shadows. Upper shadows are a sign that traders are rejecting the highs and a warning sign that prices could retreat. The weekly OBV line shows a decline from February 2022. The MACD oscillator is below the zero-line, but showing a cover-shorts buy signal. 
 
  
 
In this daily Point and Figure chart of AAPL, below, I can see a downside price target in the $137 area. 
 
 
 
 
In this weekly Point and Figure chart of AAPL, below, a price target of $137 is also shown.  
 
 
Bottom line strategy: Shares  of AAPL are turning lower. A pullback to the $137 area is possible, but the early January low is the real chart point to watch.
 

(AAPL is amoung the holdings in the Action Alerts PLUS member club . Want to be alerted before AAP buys or sells stocks? Learn more now. )

 
 
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TAGS: Technical Analysis | Consumer Services | Movies | Music | Technology | Technology Hardware & Equipment | Telecommunications | Telecom Services | Investing

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