Considering all the Apple (AAPL) stock fans and investors, this probably won’t be a popular post. Looking at the Apple stock chart, I am seeing the potential for a AAPL head and shoulders topping pattern in the making.
I think this is an interesting development that, at a minimum, bears monitoring… especially if long Apple stock (AAPL).
This past winter/spring at PivotalPivots, I alerted my subscribers to sell AAPL in the $130-135 zone which is near the YearlyR1 pivot resistance. Pullbacks were buyable at that time down to the AAPL Yearly pivot(P) zone around $100. The bounce has played out nicely, but investors need to be caution if this pattern continues to take shape.
The monthly chart now shows a potential AAPL head and shoulders topping pattern in the making. It looks like a monthly close below the neckline at $110 will confirm the pattern.
On the flip side, if AAPL can take out last weeks high above $124, it would negate the head and shoulders pattern for now.
Apple Stock (AAPL) Pivot Chart
Thanks for reading and trade safe!
Twitter: Â @mpgtrader
The author does not have a position in any mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
