While millions of users of Apple products are still in love with its phones, notebooks and computers and many Apple (AAPL) investors are still in love with the stock, the reality of it is that the trend of AAPL has been down for about one year and I see no quick turnaround. (Apple is a holding in TheStreet's Action Alerts PLUS portfolio.)
In this daily chart of AAPL, above, we can see that prices have been trending lower the past 12 months. AAPL is below its declining 200-day moving average line and rallies to the underside of that average have failed. Prices are also below the declining 50-day average line.
The On-Balance-Volume (OBV) line has been declining the past 12 months, telling us that sellers of AAPL have been more aggressive for a long time. Another sign of weakness is the gap down in April that has not been filled.
In this weekly chart of AAPL, above, we can see that prices are below the declining 40-week moving average. The OBV line has been weakening since early 2015. I see three legs lower on this chart and AAPL could be poised now to start its fourth leg to the downside. There are no bullish divergences between the weak price action and the momentum study.
AAPL could be headed down to next support around the $80 level.