Apple shares begin a new phase of decline
From a technical analysis perspective, Apple (AAPL) stock is interesting, as it has formed patterns of indecision and bearishness over the past couple of sessions after rallying back to its early-year high at around $180.
Apple stock formed a “spinning top black” on Wednesday, a pattern of indecision, then a “marubozu” on Thursday, a pattern signaling a downtrend. In the current context, these configurations suggest that the stock could fall back over the next few sessions and begin a new phase of decline in the coming weeks.
The first support to watch will be the early March high at around $169. A drop below this threshold would pave the way for a larger retracement. The lows of the year around $150 would be in sight.
Conversely, this bearish outlook would be invalidated if the January record at $180 is exceeded.