AAPL: Good reaction above a TRIPLE-SUPPORT level!
Hello traders and investors! Let’s talk about AAPL today!
In my last analysis, we discussed the possibility of AAPL losing the Pennant downwards, and this is exactly what happened, given the daily chart was too stretched back then. If you missed my previous analysis, the link to it is below, as usual.
Now, AAPL is reacting well, and it is trying to reverse this short-term bear trend. The stock is trading above the 21 ema again, this is good, but more importantly, it is doing higher highs/higher lows, and it triggered a bullish pivot point by defeating the red line at $ 136.
Now, the $ 136 is working as support, along with the 21 ema. Let’s see the daily chart now:
In my last analysis, I set a target at the black line ($ 137), as it was a strong previous resistance in the past, but when AAPL lost the Pennant in the hourly chart, the sell-off was so intense that it lost the black line, and it only found a support in the next bottom area, made by the 21 ema and the red line at $ 132 (previous top) and the purple trendline, filling a gap on the way.
This was a very strong triple-support level, and now it seems AAPL is starting to react, the only thing that concerns me is the low volume. According to the 5th tenet of the Dow Theory, “the volume must confirm the trend”, and when the volume doesn’t follow the price, we have a divergence.
If AAPL loses this triple-support level again (which will not be easy), then we may start to think about a sharper correction, but this wouldn’t be enough for a reversal yet. We must follow Apple closely, and if you liked this idea, remember to follow me, and please, support this analysis!
Thank you very much. Have a great weekend.
In my last analysis, we discussed the possibility of AAPL losing the Pennant downwards, and this is exactly what happened, given the daily chart was too stretched back then. If you missed my previous analysis, the link to it is below, as usual.
Now, AAPL is reacting well, and it is trying to reverse this short-term bear trend. The stock is trading above the 21 ema again, this is good, but more importantly, it is doing higher highs/higher lows, and it triggered a bullish pivot point by defeating the red line at $ 136.
Now, the $ 136 is working as support, along with the 21 ema. Let’s see the daily chart now:
In my last analysis, I set a target at the black line ($ 137), as it was a strong previous resistance in the past, but when AAPL lost the Pennant in the hourly chart, the sell-off was so intense that it lost the black line, and it only found a support in the next bottom area, made by the 21 ema and the red line at $ 132 (previous top) and the purple trendline, filling a gap on the way.
This was a very strong triple-support level, and now it seems AAPL is starting to react, the only thing that concerns me is the low volume. According to the 5th tenet of the Dow Theory, “the volume must confirm the trend”, and when the volume doesn’t follow the price, we have a divergence.
If AAPL loses this triple-support level again (which will not be easy), then we may start to think about a sharper correction, but this wouldn’t be enough for a reversal yet. We must follow Apple closely, and if you liked this idea, remember to follow me, and please, support this analysis!
Thank you very much. Have a great weekend.
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