I commented last year regarding Apple Stock and how the movie regarding Steve Jobs was possibly a contrary indicator implying a potential top in AAPL stock prices. I don’t mention non-precious metal stocks often, but I found this one intriguing.
There is a 5-year cycle (62-Months) in AAPL corresponding with the 20-Month moving average. Prices closed consecutively below the 20-Month Average recently suggesting a potential top to this cycle.
The weekly chart shows an A-Symmetrical Head and Shoulder target with a neckline at 107; prices are returning to test that area now. This also corresponds to the current 50-week moving average making an excellent stopping point.
IF the bearish scenario persists, prices could drop from here to $80.00 or below. A weekly close above the 50-week moving average (108) would void the possible pattern.