• AAPL just reached a short-term support line on the 1h chart, around $170.93; • This support area acted as a support on three different occasions recently, and it acted as a resistance level on May 3; • So far, it seems AAPL is reacting above this key point. In this case, we can expect that it will seek the next resistance around $174, which is the main resistance line of this congestion;
• Although AAPL is correcting on the 1h chart, the daily chart is still very bullish. We see nothing but higher highs/lows and AAPL is trading consistently above the 21 ema; • In theory, it could correct a little bit more, to the 21 ema, and that wouldn’t ruin the bull trend. The 21 ema is at $169.43 now; • Therefore, the area around $170.93 (1h) and $169.43 (D) is a dual-support area on two different time frames. Only if AAPL loses this dual-support area we would see a sharper correction, maybe even a top signal on the weekly chart:
• However, as long as AAPL maintains its bullish structures up, there’s no reason to concern. I’ll keep you updated on this.
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