Bearish – AAPL $172.50 – Technology
The bearish DailyPlay we chose for Friday, March 8th is Apple (AAPL). AAPL is part of the Technology Sector (XLK). XLK has rallied 2.21% higher over the past month and its 1m trend turned neutral yesterday and momentum is starting to reverse lower.
Apple’s 1m and 6m trends turned neutral yesterday and bounced lower off its $175 resistance level. With a technical score of 3 (out of 10), AAPL is a weak stock that will likely continue to trend lower.
As a stop loss, if AAPL was to trade above $175 for multiple days, this would invalidate our analysis and suggest getting out of the trade.