AAPL: Hit our target! How to proceed?
Hello traders and investors! Yes, AAPL did exactly as we expected in our last analysis, but it is time to update some key points.
As we expected, AAPL reversed the trend on May 23, it hit our target, and now it seems it is getting weaker again. The link to my previous analysis is below this post, as usual.
Now that the trend is weaker, AAPL could easily drop to fill the last gap at $ 144 area, but it must not lose this point, otherwise, it’ll ruin the bullish structure. Today, it seems the 21 ema is working as a short-term resistance.
The $ 151 is the pivot point AAPL needs to break to confirm a continuation of this trend in the 1h chart.
In the daily chart, AAPL is still bearish. Yes, it bounced nicely to our target, but it is trading under its 21 ema again, and we don’t see any clear bullish candlestick pattern.
Despite the recent correction, AAPL did trigger a Double Bottom chart pattern, as we mentioned in my last study, and this is a reversal structure that could take AAPL to the $ 174 again, filling the previous gap in the daily chart. Remember: AAPL always fills the gaps that appear above the price.
To me, if AAPL breaks again its 21 ema in the daily chart, it’ll become bullish again, and the Double bottom will work as a reversal as expected. For now, we must keep our eyes on the support at $ 144 area.
Therefore, I’m neutral on it, as there are many other stocks that look much more appealing than AAPL. Either way, I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
As we expected, AAPL reversed the trend on May 23, it hit our target, and now it seems it is getting weaker again. The link to my previous analysis is below this post, as usual.
Now that the trend is weaker, AAPL could easily drop to fill the last gap at $ 144 area, but it must not lose this point, otherwise, it’ll ruin the bullish structure. Today, it seems the 21 ema is working as a short-term resistance.
The $ 151 is the pivot point AAPL needs to break to confirm a continuation of this trend in the 1h chart.
In the daily chart, AAPL is still bearish. Yes, it bounced nicely to our target, but it is trading under its 21 ema again, and we don’t see any clear bullish candlestick pattern.
Despite the recent correction, AAPL did trigger a Double Bottom chart pattern, as we mentioned in my last study, and this is a reversal structure that could take AAPL to the $ 174 again, filling the previous gap in the daily chart. Remember: AAPL always fills the gaps that appear above the price.
To me, if AAPL breaks again its 21 ema in the daily chart, it’ll become bullish again, and the Double bottom will work as a reversal as expected. For now, we must keep our eyes on the support at $ 144 area.
Therefore, I’m neutral on it, as there are many other stocks that look much more appealing than AAPL. Either way, I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
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