Apple Free Trading Setup

#APPLE #NASDAQ #Tommy
- Here is my technical analysis for Apple daily chart. Similar to the NASDAQ chart, the uptrend momentum has retraced more than 0.886 retracement level of the corrective wave structure that was caused by the COVID19 FUD.
- Apple has recently broken the red upward trendline below and a is being resisted within its retest area after.
- It is quite significant to monitor whether it can break the recent high, which is $327.85 or not. It is very likely to for Apple to test the resistances around 338~344 and 352~359 once it breaks the recent high.
- As I have just mentioned, 338~359 is the major resistance area if we see higher highs, and thus would be a good target for those who have already entered position.
- According to the various technical indicators and considering that the retest resistance of the red trendline is located right above, corrective phase can emerge at this point so entering position right at this level is not recommended.
- Also make sure that green upward parallel channel is valid. The corrective phase scenario is much expected once it is broken below. So for those who has entered position around current price range could set their stop loss below the channel for a proper risk management strategy.
- For the bearish case, if it fails to make a higher high and starts to form corrective waves, we can expect supports at 294~302 and 279~287.
- Last thing to pay attention to is the MACD for daily. Not only the bearish divergence signal has appeared on histogram, the death cross for the two EMAs are imminent. Therefore, next year, we should carefully observe it the daily candle close causing this death cross. Once the cross shows, it can be comprehended as a bearish signal.