12th July 2021
I am personally very bullish on APPL, it has been a reliable stock over the past couple of years and has always brought a solid green light to my portfolio. That being said, it should be obvious that I am bullish on this stock.
What I have observed in the market since September of last year, APPL has entered into a channel that has been building itself up in the daily graph but as far as I can see cannot be confirmed since it has not been completed yet. Zooming into the hourly, we can observe that in the month of June, the ticker has been building itself a bullish channel which price has recently broken itself out of. Furthermore, the stock's price action has rocketed past the previous resistance at 137 as well as easily broken through the older resistance that sat at 145. This in my opinion is a very bullish sign if we're only considering what is occurring in the price action.
Now looking at indicators, starting from the weekly graph we can see that the general trend appears to be bullish and we have some room left before reaching overbought levels on both the RSI and the Stochastic indicators. Zooming in, it is evident that price is overbought on the Stochastic, but the RSI like before has a bit more room to run; note that although the indicators may spark sell signals due to price reaching overbought levels, it is not the most accurate as it cannot take into account economic or psychological variables. Thus, we must take it with a grain of salt if we are to successfully trade it.
Now with this rough information, I can conclude a few cases for price action in the coming weeks. Due to the volatility in the markets here are my scenarios:
Optimistic:
IF everything goes smoothly and there are no significant negative news or outcomes. I forecast that irrationality might be able to drag the price to the 148 to 152 levels before exhausting itself. From there we will see a slow in bullishness and a test of the resistance turned support.
Neutral:
I expect in my neutral case that the price might not rise as significantly as positively as I hoped and that the hourly channel might become a broadening channel. In this scenario, I believe that the hourly support of the channel will be retested, where from there we will require a bit more information.
I don't really have too much time to go into too much depth but here is my forecast. Note that this is all my opinion and none of it is financial advice, therefore I am not liable for any decisions based on my forecast. Thanks for reading! Criticisms and comments are all welcome.
I am personally very bullish on APPL, it has been a reliable stock over the past couple of years and has always brought a solid green light to my portfolio. That being said, it should be obvious that I am bullish on this stock.
What I have observed in the market since September of last year, APPL has entered into a channel that has been building itself up in the daily graph but as far as I can see cannot be confirmed since it has not been completed yet. Zooming into the hourly, we can observe that in the month of June, the ticker has been building itself a bullish channel which price has recently broken itself out of. Furthermore, the stock's price action has rocketed past the previous resistance at 137 as well as easily broken through the older resistance that sat at 145. This in my opinion is a very bullish sign if we're only considering what is occurring in the price action.
Now looking at indicators, starting from the weekly graph we can see that the general trend appears to be bullish and we have some room left before reaching overbought levels on both the RSI and the Stochastic indicators. Zooming in, it is evident that price is overbought on the Stochastic, but the RSI like before has a bit more room to run; note that although the indicators may spark sell signals due to price reaching overbought levels, it is not the most accurate as it cannot take into account economic or psychological variables. Thus, we must take it with a grain of salt if we are to successfully trade it.
Now with this rough information, I can conclude a few cases for price action in the coming weeks. Due to the volatility in the markets here are my scenarios:
Optimistic:
IF everything goes smoothly and there are no significant negative news or outcomes. I forecast that irrationality might be able to drag the price to the 148 to 152 levels before exhausting itself. From there we will see a slow in bullishness and a test of the resistance turned support.
Neutral:
I expect in my neutral case that the price might not rise as significantly as positively as I hoped and that the hourly channel might become a broadening channel. In this scenario, I believe that the hourly support of the channel will be retested, where from there we will require a bit more information.
I don't really have too much time to go into too much depth but here is my forecast. Note that this is all my opinion and none of it is financial advice, therefore I am not liable for any decisions based on my forecast. Thanks for reading! Criticisms and comments are all welcome.