Apple is approaching what we believe to be a final all-time high.
We expect Apple to break its long-term uptrend with a short- to mid-term correction before resuming its broader trajectory. We believe the top is near, and have therefore defined a Fibonacci zone which functions as a shorting or selling zone.
Short Entry Levels:
- 123.6% at $334.36
- 138.2% at $344.83
- 161.8% at $361.75
Stop Loss: 1% above the zone at $365.62
Apple has already touched this zone and pulled back approximately 3%. However, we expect this stock to reach and activate it properly before the correction unfolds.
This zone could also function effectively as a put option hedge for those already invested in this stock with long-term intentions. With this strategy, you could properly protect your position should our expectations and analysis prove to be correctly interpreted.
Should anything happen with this stock, we will update you immediately.
Kind regards,
Monalytics
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