Bears Target Apple
Breaking news; Stocks are going lower!
So while it might not exactly be breaking news, many die-hard bulls are having a hard time admitting the fact that this market won’t turnaround as quick.
With recent techinal indicators shown by Apple (AAPL), suddenly bulls have been dying left and right. Fear has sunk in that a stock that once stood for innovation and great products is no longer safe in this market.
Roughly a year ago Apple was trading as high as $200. Current technical analysis now forecast price targets of $40 – $60!
With MarketClub, we have again put together a great video detailing the specifics of this very bearish technical indicator. You will notice the weekly continuation pattern to the downside and the fact that Apple closed at a new weekly low for the year.
General market thinking leads us to believe that a change of trend should occur once everybody has abandoned the market (ie. no more bulls left). If this stigma is to hold true, then does that mean brighter days are insight?
Probably not, but just something to think about.
Video - Bearish Technical Indicator on Apple
Filed Under: Financial Markets
Tags: apple, bears, marketclub, techinal analysis, video
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