The rally in Apple Inc. may be coming to an end. After a rapid and large move higher, the bears may be seizing control.
When stocks are moving higher, the bulls are in charge of the market. When they start to lose control, the price action shows up on a chart with the appearance of a reversal pattern.
On the following chart, the blue vertical rectangles are up days. The closing price was higher than the opening price. On these days the bulls had control.
The red rectangles are days that the bears were in control. The closing price was lower than the opening price.
The recent changing of blue days to red days could show the bears may be taking over. It has the appearance of a rounded pattern on the chart. A new downtrend may be forming.
By Mark Putrino
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