Hello traders and investors! Let’s see how AAPL is doing today!
First, in the 1h chart, after a very strong bearish movement, it seems it did a rounded bottom chart pattern just under the support at $ 162, frustrating the bears, and reversing the trend – at least in the short-term.
In addition to the rounded bottom, we had a bullish pivot point triggered, breaking the 21 ema, and now, it seems the trend is bullish. Pullbacks to the 21 ema again might be opportunities to buy.
The next target is the gap at $ 162.30, which might work as a resistance at the same time.
In the daily chart we see that the trend is still bearish, and although we see a nice bullish candlestick pattern yesterday, we don’t see a clear bullish structure. What’s more, we are still under the 21 ema at $ 161, which is our next resistance in the daily chart.
Given how close the gap in the 1h chart ($ 162) and the 21 ema in the daily chart are ($161), we can assume that it is not going to be an easy task to break this point. We must be prepared for some volatility when we hit there. If this will be a dead cat bounce or not, only time will tell.
I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses!
Hi Nathan, looks like we are about the hit the resistance level at $168.90, thoughts about where we are headed next? Think $177 is next target? Nice work!
Nathan_Black
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@ProfessorBurns, I think it'll hit there, especially with the open gaps at 172 and 175. They will get filled eventually. Let's see how it'll react at the $ 168. Thanks a lot, professor!
ProfessorBurns
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@Nathan_Black, Yes, but it looks overbought on 1D plus resistance at the 168.90, and an additional channel resistance around $169 in the chart below. I anticipate at a least a small pullback in the short term. Thoughts?