Last week I was coming around to the notion that the Apple stock might in fact be on the verge to recovering, particularly with the inverse head and shoulders pattern that was forming.
But fast forward a week, and the conditions have rapidly deteriorated and the concerns from last week are much more apparent this week and should be a concern going forward as well.
In the chart below I've gone ahead and mapped out my concerns, but to put it lightly, despite all the optimism surrounding this week's iOS 7 announcement, I don't think we'll see a lot of progress being made upward in this stock.
Here's Apple's Technical Difficulties.
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Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>