TheYanus

Apple set to meet support near 155

NASDAQ:AAPL   Apple Inc
Looks like the Apple             met with long term resistance. Just zoom out the chart and you will see that the yellow line represents a trend of high levels reached during this bull market, starting from 2009.

Initially, I expected that the earnings beat would push through the resistance, and got that wrong.. The stock price bounced off it and formed a descending channel pattern during this retracing week. (Well.. it was time to feed the bears. They look rather skinny. :D)

So.. the idea is about the next notable support level . As you can see we got various support levels meeting at 155.

Zoom out, take a look, where they come from and feel free to ask questions.

Yours sincerely,
Y

P.S. I will mark the idea as neutral because it is bearish initially, but afterwards we will see in updates what will happen in regards to the 155 mark.
Comment: I should create a church or something and be a prophet s***.

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Comment: After yesterday's jump Apple has encountered the resistance of a junior channel. Take a look at the hourly below.

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In general, I kind of like this slow ascent of various stocks on various days..

From a fundamental aspect, I think that yesterdays chasers are going out and booking short term gains of the rebound, as this is the top stock of the market.
Comment: It even extended the decline down to the 150.00 mark.

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Comment: Quiet day. The gains have extended, but there is a medium channel down revealed.

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Comment: P.S. I am quite sure that if that upper trend line is broken, the 170 will be the next target. Sort of an idea for a short trade,

Your sincerely,
Y
Comment: Cash in.. or lock in profits.

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Comment: I should post only feeling fresh not tired.

This is the correct chart.

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