Stock Update: AAPL Where to Now? A Long Term View Part 3

Right. We now come to the daily chart and again we take note of where the support lines were in the medium term and then set line for where we want to watch for short term support which I have defined as $292. We observe that volume has dropped off dramatically in the last 4 trading sessions and the MACD has turned south. There was a shooting star at the $318 level (Mon Oct 18) followed by a plunge down the next day (Tue Oct 19) undoubtedly due to profit taking and since then indecision to the negative side with all the red candles.

To me this says to go short for a while until participants decide what direction they want to go in. This will mean that you need to keep your finger on the trigger ready to close your short position at any time to prevent losses from growing.

Disclaimers
1. This article is not intended to provide investment advice and is an expression of my own opinion. Readers act upon this information at their own risk.