{"id":11623,"date":"2012-05-15T21:18:29","date_gmt":"2012-05-16T01:18:29","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=11623"},"modified":"2012-05-15T21:21:31","modified_gmt":"2012-05-16T01:21:31","slug":"apple-breaks-support","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/05\/15\/apple-breaks-support\/","title":{"rendered":"Chart Review: Apple Breaks First Critical Support As Downtrend Continues"},"content":{"rendered":"<p>On Friday, May 4, Apple, Inc. (AAPL) essentially filled its post-earnings gap up. It took another week for AAPL to retest support that had held in the days before earnings. The selling into that test formed a downtrend in April that Apple has yet to shake. This downtrend has been so persistent that Apple has now broken through the support that represents the March 13th breakout. As a reminder, it was on this day that the S&#038;P 500 broke out to eventually set new multi-year highs. The chart below summarizes the technical setup.<\/p>\n<p><em><strong>Click image to get a larger view&#8230;<\/strong><\/em><br \/>\n<center><br \/>\n<figure id=\"attachment_11624\" aria-describedby=\"caption-attachment-11624\" style=\"width: 290px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/05\/120515_AAPL.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/05\/120515_AAPL-300x239.jpg\" alt=\"Apple, Inc. breaks the first line of critical support\" title=\"Apple, Inc. breaks the first line of critical support\" width=\"300\" height=\"239\" class=\"size-medium wp-image-11624\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/05\/120515_AAPL-300x239.jpg 300w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/05\/120515_AAPL.jpg 849w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11624\" class=\"wp-caption-text\">Apple, Inc. breaks the first line of critical support<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<br \/>\n<\/a><\/strong><\/center><\/p>\n<p>Note well that Apple is now very oversold on its stochastics &#8211; even more oversold than it was right before earnings. The only good thing about the continued slide is that trading volume remains below average and well below pre-earnings volume. I continue to think that Apple is suffering from a lack of buying interest. Once Apple reaches some &#8220;agreeable&#8221; support level, buyers should quickly snatch up shares again. I am guessing that the next spot that might interest buyers is around $527 which served as the former all-time high that <a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/02\/15\/apple-prints-a-topping-pattern\/\" target=\"_blank\">Apple hit when it made a bearish engulfing top<\/a> that looked pretty devastating at the time. If $527 fails, then perhaps $515, the low of the March swoon, could serve as firmer support. After that, it will be the 200-day moving average (DMA)! I am not yet ready to wrap my mind around THAT possibility.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long AAPL calls and puts, long SDS, long SSO calls<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, May 4, Apple, Inc. (AAPL) essentially filled its post-earnings gap up. It took another week for AAPL to retest support that had held in the days before earnings. The selling into that test formed a downtrend in April that Apple has yet to shake. This downtrend has been so persistent that Apple has &#8230; <a title=\"Chart Review: Apple Breaks First Critical Support As Downtrend Continues\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/05\/15\/apple-breaks-support\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[219,511,62],"tags":[250,534,1597],"class_list":["post-11623","post","type-post","status-publish","format-standard","hentry","category-high-tech","category-support","category-technical-analysis","tag-aapl","tag-apple-inc","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Apple Breaks First Critical Support As Downtrend Continues - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/05\/15\/apple-breaks-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Apple Breaks First Critical Support As Downtrend Continues - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"On Friday, May 4, Apple, Inc. 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