Where is Apple right now

Apple had a tough last week. The stock hit an all-time high on Tuesday but overall the week’s price action was not good. A distribution week is a valid proof that some profit taking was taking place and like in the general market, after a string of up-weeks the stock needs a well-deserved rest. Apple is a heavily owned hedge fund stock which means that in a short period of time, things can change. At this stage for a long term pullback trade an entry could work, but for a breakout trade I would avoid it.

Below is a weekly chart of Apple.

 

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