Recent News - Apple reloads its stock with "new products" which aren't so new but with a higher price tag (Bearish). Epic Games v Apple (Bearish). Losing the fourth Apple car exec this year (Bearish). Quad Witching Sept 2021 (Leaning Bullish).
Trend - We're just coming off a bullish trend that helped us reach an ATH of $157.26. We broke that trend with a strong pullback from ATH with the Judge's ruling over Apple's in-app purchases. We're also still in this wedge pattern, which I believe we'll break from it within this month (hopefully next week).
Candles/Volume - We saw three wide body candles with strong, above average volume to validate them. We currently have two hammers with average volume which indicates that the buyers are holding at the ~$148 support level (could possibly be a reversal - volume makes me think not). I can see the buyers becoming exhausted and the price dropping down to the next support level of ~$145. If by chance the buyers don't step in at that price or they become overwhelmed, we can easily see the stock drop -8.78% from ~$148 to ~$135.
MA - The 200 MA has also be a previous strong support. Which it would currently fall at ~$135 if the market decided to pull back.
RSI - Starting up from July 7 to present. There is a bearish divergence on the RSI.
MACD - I believe it's just starting to pickup momentum with the signal line already having crossed over the MACD line. We also see a bearish divergence with the MACD, just like we saw with the RSI.
Constructive criticism would be appreciated.
Trend - We're just coming off a bullish trend that helped us reach an ATH of $157.26. We broke that trend with a strong pullback from ATH with the Judge's ruling over Apple's in-app purchases. We're also still in this wedge pattern, which I believe we'll break from it within this month (hopefully next week).
Candles/Volume - We saw three wide body candles with strong, above average volume to validate them. We currently have two hammers with average volume which indicates that the buyers are holding at the ~$148 support level (could possibly be a reversal - volume makes me think not). I can see the buyers becoming exhausted and the price dropping down to the next support level of ~$145. If by chance the buyers don't step in at that price or they become overwhelmed, we can easily see the stock drop -8.78% from ~$148 to ~$135.
MA - The 200 MA has also be a previous strong support. Which it would currently fall at ~$135 if the market decided to pull back.
RSI - Starting up from July 7 to present. There is a bearish divergence on the RSI.
MACD - I believe it's just starting to pickup momentum with the signal line already having crossed over the MACD line. We also see a bearish divergence with the MACD, just like we saw with the RSI.
Constructive criticism would be appreciated.
Trade active:
Current Trade Update: I've closed out more than half of my PUTS expiring this next week. I plan on closing out the rest on Monday morning during the opening hours. I believe we'll see more selling pressure in the early morning with the buyers entering after.
Candles/Volume: Today we saw a wide-body candle pushing towards our ~$145 support level with volume there to support the move. The current 'volume at price' between $145 and $150 makes me think buyers may cause $APPL to consolidate before pushing down to the ~$135 support.
Next Trading Move: I'll attempt to enter more PUTS during a buying rally with a longer expiration date to give me the time to account for theta. But with the broader indices showing weakness, I think we may see it drop sooner than later. I'll be keeping an eye out for bearish candles with volume to support the move down.
Candles/Volume: Today we saw a wide-body candle pushing towards our ~$145 support level with volume there to support the move. The current 'volume at price' between $145 and $150 makes me think buyers may cause $APPL to consolidate before pushing down to the ~$135 support.
Next Trading Move: I'll attempt to enter more PUTS during a buying rally with a longer expiration date to give me the time to account for theta. But with the broader indices showing weakness, I think we may see it drop sooner than later. I'll be keeping an eye out for bearish candles with volume to support the move down.