Business Chart of the Day: Is Apple Rolling Over?

Apple CEO Tim Cook attends  Apple Inc. Tower atre retail store opening on Broadway ater District in downtown Los Angeles on June 24, 2021. (Patrick T. Fallon/AFP via Getty Images)

rally in Apple Inc. may be coming to an end. After a rapid and large move higher, the bears may be seizing control.

When stocks are moving higher, the bulls are in charge of the market. When they start to lose control, the price action shows up on a chart with the appearance of a reversal pattern.

On the following chart, the blue vertical rectangles are up days. closing price was higher than the opening price. On these days the bulls had control.

red rectangles are days that the bears were in control. closing price was lower than the opening price.

recent changing of blue days to red days could show the bears may be taking over. It has the appearance of a rounded pattern on the chart. A new downtrend may be forming.

(Benzinga)

By Mark Putrino

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Pezou : Business Chart of the Day: Is Apple Rolling Over?