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Apple Stocks (AAPL) Kept in Consolidation/Correction Mode

AAPL (Apple Inc) 4H Chart 10/14

(click to enlarge)

The price of Apple stocks has been in a bearish correction since breaking below 120. It came all the way down to 92.00 before a sharp bounce. But as we can see in the 4H chart, the rally failed to reach back to that 120 pivot. Instead ,it held around 116, where it formed a double top. We can also spot a broken channel support. Furthermore, key resistance factors appear to be working, including a falling trendline, the 100-period simple moving average, and the 4H RSI at 60. These are signs that bears are still in charge at least in the short-term, as it has been in the medium-term (since late July).

Essentially, October's price action shows pressure on the a consolidation support pivot around 107.50. A break below 107 should open up the way to 92.00 again. Now, if price DOES fall back towards 92.00, we might have a bargain. Take a look at the weekly chart.

AAPL Weekly Chart 10/14

(click to enlarge)

I would love to see price around 82.00, where there is a pivot and a trendline support. However, maybe we should start considering the buy around 90-92 if price gets there. In any case, you see the support factors, and you see the long-term trend. Further medium-term bearish correction should make a buy very attractive.