Apple - Evidence of Bull Trend Exhaustion

by Tim Straiton
Friday 1st September 2023

The current price of Apple is $187.87 and trading above the rising 40 week moving average of 164.39. The short-term recovery from the recent low of $171 could extend towards the 198 level (upper weekly Bollinger Band).

The weekly bullish relative strength index trendline has been broken and it would seem wise to use any further upside move to liquidate long positions. Immediate downside targets are $170 (Fibonacci 38.2% retracement from the high based on the 129.62 to 195.83 range traded since January 2023) and thereafter 154.91 (Fibonacci 61.8% retracement from the high of the same range).


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