[Apple] Can you break the top of the wedge?

30 Jun 2022

#AAPL #NASDAQ #1D
- Here’s Apple daily chart. Compared to other stocks within NASDAQ, the correction of Apple is not that much fearful, YET.
- After breaking bottom of the black channel and blue trendline, it dropped about 14% more and at the same time formed a green falling wedge.
- I would definitely be bullish in short-term if Apple breaks top of the wedge and for those looking for breakout entry, keep an eye on this falling wedge.
- If it successfully breaks above, a well-designed trading setup can be secured targeting my first resistance area around $147~$149 which is the confluence zone of 0.382 retracement level and POC of previous HVP.
- Another potential resistance that I am considering is at the retest area of the blue trendline located around $155~$157.
- If the market becomes more bearish, in other word if Apple gets rejected by the top of the wedge once more and makes a LL, I am expecting decent price actions at $123~$125 and $117~$119.
- These supports have been deducted by various technical elements drawn in the chart such as wedge bottom, trendlines, Log-trendline, previous VP areas(Orderblocks), Fibonacci projection levels, and retracement levels, etc.