Bearish Idea

9 באוג׳ 2023

• The major trend is downtrending
  
• AAPL revisited the 100 Day MA for the third time on the 1H chart
  
• The more time it revisits, the greater the chance it has to break thru
  
• AAPL lost the 100 Day MA on the 1H chart
  
• Paying attention to the 1H candle isn't finished and still has 25m to change it's formation. There is always the potential of a trap. A lower shadow would be of concern that there is still some support and can potentially create a triple bottom.
  
• Price must stay below this level and will probably retest it
  
• The lower timeframe the stock is trading below the VWAP & 8-ema, suggesting that buyers are no-longer supporting it
  
• Price will most likely come back to retest these levels
  
• Monitor that price doesn't break above these levels and stays bearish
  
• A rejection would be a great place to enter, imo
  
• SPY broke down
  
• This is strictly an idea and not advice, there are no guarantees in the market
  
• Happy Trading!