Good morning traders! Today we want to share with you our vision on this asset. Honestly, during the last few months there were stocks much more attractive than Apple, with a marked short-term trends that have given greater profitability, but we consider that we can see a strong movement in the short term.
We will divide this post into two visions, a more imminent and a longer term one.
🔸In the first scenario, we see the image of lower temporality.
🔸What can be seen is that since September the price moved in a range without a trend or clear direction.
🔸Just during the last few weeks we saw a directional movement to the upside, which generated that the price at this moment is near the intermediate resistance at $ 125 approximately.
🔸Once the price faces this zone, of course there will be a reaction because it is a level where there will be a certain supply, but, in case that the zone is penetrated, there is a free path towards the Resistance Zone at historical highs.
Now, what happens once we get to that level?
🔸To answer this question we need to move to a larger time frame to see the big picture.
🔸Being a stock with a very pronounced uptrend, every time the price generates consolidations, it tends to resolve to the upside after breaking it.
🔸In this case, we can count 5 corrective waves within the current pattern, which gives us an ABCDE.
🔸Given this, we can conclude that the current consolidation is complete, so the next move is a bullish impulse.
🔸Being in historical highs, we do not have a resistance to project the movement, so what we do is draw a fibonacci extension based on the previous bullish move.
🔸This gives us a result towards the first target, of approximately a 30% upward movement.
We will divide this post into two visions, a more imminent and a longer term one.
🔸In the first scenario, we see the image of lower temporality.
🔸What can be seen is that since September the price moved in a range without a trend or clear direction.
🔸Just during the last few weeks we saw a directional movement to the upside, which generated that the price at this moment is near the intermediate resistance at $ 125 approximately.
🔸Once the price faces this zone, of course there will be a reaction because it is a level where there will be a certain supply, but, in case that the zone is penetrated, there is a free path towards the Resistance Zone at historical highs.
Now, what happens once we get to that level?
🔸To answer this question we need to move to a larger time frame to see the big picture.
🔸Being a stock with a very pronounced uptrend, every time the price generates consolidations, it tends to resolve to the upside after breaking it.
🔸In this case, we can count 5 corrective waves within the current pattern, which gives us an ABCDE.
🔸Given this, we can conclude that the current consolidation is complete, so the next move is a bullish impulse.
🔸Being in historical highs, we do not have a resistance to project the movement, so what we do is draw a fibonacci extension based on the previous bullish move.
🔸This gives us a result towards the first target, of approximately a 30% upward movement.