Very straight-forward technical analysis .
Apple broke below substantial support trend-line beginning of May 2022.
The support was stretching higher with higher lows since early 2020, this changed just about a week ago.
The drop below the trend-line continued with a sharp drop from 155 to 139 at the lowest.
Connecting short-term lows provided support around 139.
Currently, short-term highs and lows converge into a 'falling wedge' pattern which may be bullish .
The only confirmation of bullish substantial movement would be with a break higher than 155 back to the long-term trend-line and therefor the breakout up of the 'falling wedge'.
A more likely scenario and the projection of this chart, is a retest of 155 post breakout - Which once retest confirms, would be the continuation of the down-trend.
In summary, Apple with high probability is going back to retest the long-term breakout, which makes for a very short-term buy.
**We must remember Apple went from $54 in March 2020 all the way to $180 early 2022.
There's plenty of room for Apple to correct down.
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Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot :)
I encourage you to do your own research and be cautious when trading, this is not financial advice but meant for educational purposes.
My goal is to help as many traders as I can become a profitable investor.
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Apple broke below substantial support trend-line beginning of May 2022.
The support was stretching higher with higher lows since early 2020, this changed just about a week ago.
The drop below the trend-line continued with a sharp drop from 155 to 139 at the lowest.
Connecting short-term lows provided support around 139.
Currently, short-term highs and lows converge into a 'falling wedge' pattern which may be bullish .
The only confirmation of bullish substantial movement would be with a break higher than 155 back to the long-term trend-line and therefor the breakout up of the 'falling wedge'.
A more likely scenario and the projection of this chart, is a retest of 155 post breakout - Which once retest confirms, would be the continuation of the down-trend.
In summary, Apple with high probability is going back to retest the long-term breakout, which makes for a very short-term buy.
**We must remember Apple went from $54 in March 2020 all the way to $180 early 2022.
There's plenty of room for Apple to correct down.
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot :)
I encourage you to do your own research and be cautious when trading, this is not financial advice but meant for educational purposes.
My goal is to help as many traders as I can become a profitable investor.
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Trade active:
Keeping to support trend-line of around 130, could be lowest point if kept , if broken
108 is possible
108 is possible
Trade active:
130 was not broken and we are still trading within consolidation at around 149 - Current possible immediate target is around 155 consolidation roof