Looks like AAPL could be forming a possible cup + handle formation on the weekly.
But first the price has to decline a little further. Probably $172-175 before reversal in 2-4 weeks. Like to close at or below $185 this week.
Why 2-4 weeks? That's a rough estimate of when a "trade deal" might be worked out. A successful trade deal will undoubtedly send the price higher. If this is a cup+handle then to new all time highs.
However, today Apple faces several headwinds. Tariffs would require they up the price of their phones by 11-15% to maintain current profit margins.
Supreme court is allowing an antitrust lawsuit to move forward
Declining sales, especially in China.
Chinese recession in progress.
Price is very likely to close under $185 this week.
A price reversal is likely to accore off the last Gann Fan blade, pointed to by the blue arrow.
But first the price has to decline a little further. Probably $172-175 before reversal in 2-4 weeks. Like to close at or below $185 this week.
Why 2-4 weeks? That's a rough estimate of when a "trade deal" might be worked out. A successful trade deal will undoubtedly send the price higher. If this is a cup+handle then to new all time highs.
However, today Apple faces several headwinds. Tariffs would require they up the price of their phones by 11-15% to maintain current profit margins.
Supreme court is allowing an antitrust lawsuit to move forward
Declining sales, especially in China.
Chinese recession in progress.
Price is very likely to close under $185 this week.
A price reversal is likely to accore off the last Gann Fan blade, pointed to by the blue arrow.
Comment:
"Ta-da!"
