There was been plenty of discussion on the fundamentals of AAPL recently with rumored disappointing sales of their new watch. Quite frankly I think there products have been subpar since Steve Jobs passing. It is well know that Jobs was against implementing a dividend, sure it attracted more fund managers that wanted yield but perhaps that money would have been better finding its way into R&D. Anyway I focus purely on price action and below is how I presented the idea in our Friday 6/19 Game Plan. Lets see how the name reacts if the lower line of the symmetrical triangle is tested Thursday.

Stocks to be viewed as shorting opportunities are AAPL. AAPL needs no introduction and is higher by 16% YTD and 40% over the last one year period and sports a dividend yield of 1.6%. Its last earnings report on 4/28 lost 1.6% and that stopped a 3 report winning streak where the stock rose 5.6, 2.7 and 2.6% on 1/28, 10/21 and 7/23. The 4/28 session was significant in a couple other ways as it recorded a bearish engulfing candle at all time highs and also attempted to take out a 133.70 cup base pivot point and reversed intraday to CLOSE well below it. AAPL has now formed a bearish symmetrical triangle and look to short with a sell stop below at 125.75. With the Nasdaq up 1.4% Thursday one would have expected AAPL to be more involved with better than a .5% gain.

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