Hello traders and investors! Yes, AAPL did exactly what we expected since our last analysis (Aug 18), and we nailed a good movement. Now we have to update our key points. My previous analysis is public, and the link to it is below this post.
First, in the 1h chart, AAPL is struggling near the 50% Fibonacci’s Retracement, but since we have no clear bullish reaction, we don’t know if it’ll hold there. We are under the 21 ema, and we lost the support at $ 149.16.
The bias is slightly bearish, but any good reaction at any of these retracements might work wonders.
In the daily chart, the situation is a little bit more complex. It looks a congestion, but the 21 ema is still going up, and it seems it is working as a support for AAPL. May I call it a Bullish Congestion?
We don’t have any bearish structure in the daily chart indicating a further drop, and for now we can assume the Fibonacci’s Retracements in the 1h chart will hold the price. However, if we lose the $ 144.50 we’ll see something new, and this could make AAPL drop more.
The problem is that we already have too many supports to work with, like the $ 141.60, and the Fibonacci’s Retracements in the weekly chart, along with its 21 ema:
The bears will have to face too many challenges for little return, and this works for the short/mid and long-term (all time frames we analyzed). Let’s keep watching AAPL closely.
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First, your analysis is always great and helpful... Thank you.
I see its price today fell below the pendant formed since Aug 17th... judging from the over all market standpoint, it's hard for AAPL to make any sudden move either way... if any, sub 140 is very imminent.
I see its price today fell below the pendant formed since Aug 17th... judging from the over all market standpoint, it's hard for AAPL to make any sudden move either way... if any, sub 140 is very imminent.
Just my .02 cents