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Apple is developing a new potential bearish pattern, levels to watch

The stock has had quite a few technical patterns, both bullish and bearish, that have failed to work in the last several weeks. Today a new pattern is becoming evident on the daily chart, which is a potential descending triangle. This type of pattern forms when price fails to make upside moves of any size, but also contains the downside. In a way it is both negative momentum with basing characteristics. The pattern is only a potential one and would not become active unless the low of the patter at $501 was broken on a sustained basis on the downside. This would mean the pattern wouldn't be reliable unless the psychologically important $500 area failed. Downside for the pattern, if it ever triggers and completes, could be to the $450 to $440 area.