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Shares of Apple

AAPL
failed to hold its 200-day simple moving average at $159.70 on May 5. The downside risk is to its annual value level at $141.26. Blocking the upside is its semiannual pivot at $163.16. The weekly chart has been negative since the week of April 22 as a major warning.

Apple is not cheap. Its p/e ratio is 25.53% with a dividend yield of just 0.58%, according to Macrotrends. The company matched earnings estimates during the quarter ended on October 28. This was a warning given the fact that Apple beat earnings estimates in every other quarter over the last 22 quarters.

The Daily Chart for Apple

Shares of Apple held its 200-day simple moving (in green) at the lower left-hand corner of the chart. The stock set its all-time intraday high of $182.94 on January 4, 2022. Note how the 200-day SMA was a magnet between February 24 and May 6 with this average now at $159.69.

If the stock stays below the 50-day and 200-day SMAs at $164.52 and $159.69, the downside risk and key level to hold is the annual value level at $141.26, which is the lowest horizontal line.

The higher two horizontal lines are the semiannual pivot at $163.16 and the monthly risky level at $173.50. If the monthly level falls below the semiannual level, a death cross will be confirmed.

The Weekly Chart for Apple

The weekly chart for Apple is negative with the stock below its five-week modified moving average at $160.04. The horizontal lines are the annual value level at $141.26 and the semiannual pivot at $163.16. The 200-week simple moving average or “reversion to the mean” is at $97.23.

The 12x3x3 weekly slow stochastic reading is declining at 35.43. The chart becomes oversold when this calculation falls below 20,00.

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