Apple Inc. (AAPL) pulled back on Friday and Monday and a closer look at the charts and indicators could be a good way to finish the month. I looked at AAPL one month ago, noting that, "The price of AAPL has corrected this month and it looks like other corrections/pullbacks we have seen the past year."
In this daily bar chart of AAPL, below, we can see that prices are sitting right on the rising 50-day simple moving average line. The 200-day line is well below the price action with a positive slope.
The volume of trading has been slowing since early February and the daily On-Balance-Volume (OBV) line has been weak from early May despite prices making higher highs. The weak OBV line suggests that some market players have been selling AAPL into strength.
The Moving Average Convergence Divergence (MACD) oscillator is poised to cross to the downside again and is within striking distance of the zero line - not exactly a bullish vote of confidence.
In this weekly bar chart of AAPL, below, we can see that prices are still above the rising 40-week moving average line.
The weekly OBV line has been positive since early 2016 but has become stalled in the past two months.
The weekly MACD oscillator has been weakening since May of 2017. A new take profits sell signal looks like it will happen if prices decline further this week.
In this Point and Figure chart of AAPL, below, we can see that a trade at $196 would be an upside breakout and open the way to further gains. A $259 price target is indicated.
Bottom line: The daily bar chart of AAPL suggests a period of weakness ahead while the weekly chart is still strong. If you probe the long side here you need to risk below $180 while going long on a close above $196 is another way to enter.