1. The Moving Average Crossover
The 20MA ($1,683.63) has crossed below the 50MA ($1,727.02)
While this is a short-to-medium-term bearish crossover, lets wait for a true classical Death Cross when the 50MA crosses below the 200MA.
The 50MA ($1,727.02) is still significantly higher than the 200MA.
The broader macro uptrend remains intact structural-wise, but short-term momentum is firmly in control of the bears.
2. Descending Channel & Price Action
Channel Support: I have drawn the yellow parallel lines which map out the downward channel formed since the peak near $2,300+.
With the current price around $1,268, continuing to ride the lower boundary of this channel could easily push the stock below $1,000.
If $1,000 fails to hold, the next primary structural floor is near the 200MA ($822.57), which would likely serve as a heavy institutional buying line.
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