Apple – Double Bearish Engulfing Candles

By | July 16, 2014

One week ago, I wrote about Apple (AAPL) returning to its 2012 high and the simultaneous RSI and MFI overbought readings. The stock remains stalled in this area, but maybe not for long.

45. RVT AAPL weekly  chart

The daily chart shows two very interesting back-to-back candles. Yesterday, a bearish engulfing candle formed, one in which its total range encompasses the range of the previous day. Today a second bearish engulfing candle formed, which encompassed the range of the previous engulfing candle, and the prior two trading sessions. This is not positive price action, especially at a test of a previous all-time high.

45. RVT AAPL daily chart

One thought on “Apple – Double Bearish Engulfing Candles

  1. Pingback: Adjustment to the Apple Chart | Rightview Trading

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