Short AAPL Stock? JC Parets On Apple's 'Beautiful' Downtrend

Apple Inc. AAPL is stuck below $100. The stock has languished in double-digit territory for the better part of the past month despite an overwhelmingly bullish group of Wall Street analysts who maintain targets in the $120 to $150 range. How's Apple doing technically?

Noted market technician JC Parets might have an answer. In a new piece of research on Sunday, Parets called Apple's current downtrend "beautiful," noting it's been in a very "well-defined" selloff since early 2015.

"Prices are making lower lows and lower highs below a downward sloping 200 day moving average," he added, explaining that momentum on Apple stock continues to hit oversold readings. "Not getting overbought" amid these indicators explains why Apple continues to sell off, he explained.

Apple's marketplace of buyers and sellers remains what Parets defines as a "sell strength" market, not one looking to buy the dip. "We still want to be aggressive sellers on any strength towards the upper end of this channel," Parets concluded, referencing the chart above.

Notably, the current bear channel lies between about the $110 mark and $90 per share. Recent research from Call Levels showed most Apple traders are watching prices near $94 as a key point going forward.

Shares of Apple last traded near $94 on Monday morning.