On the surface Apple looks like a buy, the daily chart perhaps or even looking at the momentum - hey it's a buy. Looking at it a bit differently, adding some Fibonacci extensions, looking at the price in terms of moving averages and the picture is different. The price is below support and now has some resistance to deal with.
The weekly chart with both momentum and price indicating oversold but I like to see the Stochastics indicator at least cross first.
Getting to the meat and potatoes of AAPL is the monthly chart. The divergence between momentum and price complete with the momentum indicator crossing the 80 area is enough to stand back and watch the show.
The Stochastics oscillator is bound between 0 and 100, overbought is considered above the 80 level. On the other hand, oversold is considered below the 20 level. Therefore, cross downs that occur above 80 would indicate a potential shifting trend lower from overbought levels.
The very bottom chart is the 4 hr. bar ....... it's broken.
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So in ending........ Use critical thinking and think for yourself.
