When CEO Tim Cook himself introduces the new products, you can expect Apple AAPL investors to show some appreciation. The opposite has happened. As soon as the top guy with the goodies showed up, the stock flipped and the sellers took over from there.
The event took place last week, and since then, Apple stocks have been available to buy at increasingly cheaper prices. Were investors unimpressed by the new things? Did they signal their disapproval by pressing the Robinhood sell button at the same time? Hard to say, other factors always play a role, but the price is definitely lower than it was.
The hourly chart for Apple is quite revealing:
Apple hourly rate chart, 10 22 20.
The circled red candlestick represents the price movement at the time and day of the event. This is a classic bearish candlestick: the stock pulls out previous highs and then reverses to close below previous lows. All in the same hour.
Below the price chart, you can see how sales have increased. This is the big red volume bar that clearly stands out on the 13th. Note that Apple continued to go down and eventually filled the void from the morning of the 12th. Also note that it is now trending down below the Ichimoku cloud in this hourly time frame.
The Apple price chart in the daily timeframe looks like this:
Apple daily price chart, 10 22 20.
You can see that the high price on the day of the Apple event is well below its recent high from early September. It looks like the stock is about to fall below the upward Ichimoku cloud, which in this case would not be a bullish technical indicator.
I rounded the late July price gap – that 95/100 level showed significant buying activity. It is likely to be a support area should the stock move further down. None of this is guaranteed as unpredictable events can move entire markets in unexpected ways. That is why the word “likely” is used.
The weekly chart for Apple looks like this:
Apple weekly price chart, 10 22 20.
I’ve circled the bearish candle holder in red. The price is above the high of the previous week and then closes below. In this longer-term timeframe, it is likely to be of greater concern than the one that is discovered every hour.
It’s been quite a run for Apple from the March lows.
You can get an idea of how far it’s going by comparing the current price to the level of the Ichimoku cloud in October far below. Note the transition of the convergence / divergence indicator for the moving average below the price chart.
Here is the Apple monthly chart::
Apple monthly price list, 10 22 20.
You can see why Wall Street analysts may not be inclined to recommend selling such a performer. This direct action from March to date is extraordinary – not to mention the lows of the 2008/2009 Great Recession.
I do not hold any positions in these facilities. No recommendations are made one way or another. If you are an investor, you will want to dig deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always conduct your own independent research and due diligence and seek professional advice from a licensed investment advisor.