Friday of last week Apple was showing some pretty heavy bearish sentiment, having closed well below the 20MA as well as falling through the 2nd to last support line of the schiff pitchfork. The longer top wick, with the almost non-existent lower wick shows at some point during the day, the bulls pushed the price up momentarily, where the price rejected off of the area around the 20MA, at which point the bears took over and drove the price down with a good amount of force. I see possible support around 125, but depending on the strength of the bears Monday, we could see a break to the downside to either the 50MA support or the bottom of the pitchfork. Overall I'm bullish on AAPL but good potential for a short Daytrade if we get a retest gap. On the flipside if we get a bullish gap and go, that's showing a nice reversal of momentum and would be a good long opportunity, especially if we open above the 20MA, or gap above Thursday/Friday, and have some traders trapped. Happy trading everyone. Let me know what you think in the comment section below, and feel free to post your charts in the comments on this or anything else you will be watching Tuesday. I look forward to hearing others ideas.
Peace & Prosperity Everybody!
Peace & Prosperity Everybody!