AAPL: Complete trend analysis for the week.
Hello traders and investors! Let’s see how AAPL is doing today!
First, in the 1h chart, we have a purple trendline connecting the previous bottoms, creating a bullish bias on the short-term. However, in the mid-term, it seems AAPL is still in a congestion, and the main resistance is the $ 150, while the support levels at $ 141.62 and $ 142.56 are a floor for AAPL.
It is interesting to notice that when it reported Earnings, AAPL dropped to fill the gap at $ 142.56, and it quickly bounced back up. Even during extremely volatile moments, we can find some sense of the movements, using technical analysis.
Now, let’s look at the daily chart:
Despite the Double Bottom pattern, the trend is still bullish, as the 21 ema is still pointing up, and AAPL found a support at it, as it couldn’t close under the indicator.
It is not the strongest bull trend, as we lack higher highs, but we are not doing lower lows either, so, we can assume that the movement seen in the past month is more like a brief congestion.
Let’s remember the 5th Tenet of Dow Theory: Trends persist, until a clear reversal occurs. For now, we have nothing new on AAPL, and we can assume it’ll seek the ATH.
If we lose the 21 ema, we might seek the $ 141.62, or even the 38.2% Fibonacci Retracement. The 50% retracement would be the best support, but I don’t see AAPL going there, as we lack stronger bearish signs.
It would be phenomenal if we seek the 50%, as in the weekly chart we see that this point was a previous resistance, and it is close to the 21 ema as well.
But for now, AAPL is still bullish, and although we don’t have any good reason to buy it right now, we don’t have good reasons to sell either. Now is the time to wait for AAPL to do something clear to us, before doing anything.
If you liked this analysis, remember to follow me to keep in touch with my daily studies! And support this idea if it helped you!
First, in the 1h chart, we have a purple trendline connecting the previous bottoms, creating a bullish bias on the short-term. However, in the mid-term, it seems AAPL is still in a congestion, and the main resistance is the $ 150, while the support levels at $ 141.62 and $ 142.56 are a floor for AAPL.
It is interesting to notice that when it reported Earnings, AAPL dropped to fill the gap at $ 142.56, and it quickly bounced back up. Even during extremely volatile moments, we can find some sense of the movements, using technical analysis.
Now, let’s look at the daily chart:
Despite the Double Bottom pattern, the trend is still bullish, as the 21 ema is still pointing up, and AAPL found a support at it, as it couldn’t close under the indicator.
It is not the strongest bull trend, as we lack higher highs, but we are not doing lower lows either, so, we can assume that the movement seen in the past month is more like a brief congestion.
Let’s remember the 5th Tenet of Dow Theory: Trends persist, until a clear reversal occurs. For now, we have nothing new on AAPL, and we can assume it’ll seek the ATH.
If we lose the 21 ema, we might seek the $ 141.62, or even the 38.2% Fibonacci Retracement. The 50% retracement would be the best support, but I don’t see AAPL going there, as we lack stronger bearish signs.
It would be phenomenal if we seek the 50%, as in the weekly chart we see that this point was a previous resistance, and it is close to the 21 ema as well.
But for now, AAPL is still bullish, and although we don’t have any good reason to buy it right now, we don’t have good reasons to sell either. Now is the time to wait for AAPL to do something clear to us, before doing anything.
If you liked this analysis, remember to follow me to keep in touch with my daily studies! And support this idea if it helped you!
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