Madrid

Slanted H&S, weak momentum and lower volume

Long
NASDAQ:AAPL   Apple Inc
There is a slanted Head and Shoulders pattern forming. The neckline doesn't have to be perfect to call it a H&S, the left shoulder has momentum and volume, the head shows a momentum divergence and a fall in volume and the right shoulder made it to the Resistance level of the left shoulder, with a very weak momentum and a very reduced volume. This market may still try another short trend from the consolidation point at 120 to try to take out the tope level at 140, which is the short term trade I'm aiming at. If the support at 115 is broken then we'll have a confirmation of the H&S pattern, which makes sense since this is still in bull mode and it will test the support from the bull ribbon at 100, this way it makes a correction that will give it room to test 140, not from 120 but from 100.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.