AAPL: Did a Rounded Bottom above our support level! What's next?
Hello traders and investors! Yes, AAPL found a support level at the $ 172 area, the support level I mentioned in my last analysis, and it is reacting nicely since then! Let’s see what’s next for us.
First, the pattern AAPL did last Friday is called Rounded Bottom, indicating some bullish reaction. This reaction was good, but AAPL is not completely bullish in the 1h chart yet. Since we lost the green trend line, AAPL looks exhausted, and that’s fine, as it recently had an incredible rally – one of the best in the last 20 years.
To me, AAPL must do a clear bullish pivot point in order to fly again, as the $ 179 is there, and this point could be an annoying resistance which I doubt the Rounded Bottom alone will defeat.
In the daily chart, the correction was quick and short-lived, and it didn’t even hit our support levels at the 21 ema, or the $ 168. To me it could’ve corrected more, and it still could, but we must lose the $ 172 in the 1h chart before assuming this. Remember: always wait for confirmation.
Either way, the trend is clearly bullish in the daily chart, and we don’t see any bearish structure that could trigger a pullback or a reversal on it.
To me, the 1h chart is going to dictate what’s going to happen next, and the most important support level is the $ 172, and as long as AAPL stays above it, it won't turn bearish. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
First, the pattern AAPL did last Friday is called Rounded Bottom, indicating some bullish reaction. This reaction was good, but AAPL is not completely bullish in the 1h chart yet. Since we lost the green trend line, AAPL looks exhausted, and that’s fine, as it recently had an incredible rally – one of the best in the last 20 years.
To me, AAPL must do a clear bullish pivot point in order to fly again, as the $ 179 is there, and this point could be an annoying resistance which I doubt the Rounded Bottom alone will defeat.
In the daily chart, the correction was quick and short-lived, and it didn’t even hit our support levels at the 21 ema, or the $ 168. To me it could’ve corrected more, and it still could, but we must lose the $ 172 in the 1h chart before assuming this. Remember: always wait for confirmation.
Either way, the trend is clearly bullish in the daily chart, and we don’t see any bearish structure that could trigger a pullback or a reversal on it.
To me, the 1h chart is going to dictate what’s going to happen next, and the most important support level is the $ 172, and as long as AAPL stays above it, it won't turn bearish. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
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