Becoming overbought, AAPL is still in the upward trend, and currently in a channel that it is reaching the peak of.
Since AAPL was successfully able to close above $440, we are able to look to the next resistance level of $510, meaning AAPL should hit the value of $500 before the end of August.
I am keeping a close track of candlesticks on the 2H, 4H, 1D, and 1W to spot signs of potential reversal, now that we are close to the top of the channel. I believe the sentiment is shared across the community that AAPL seems to be overbought at this moment, but without proper verificatoin - no one in their right mind would short this stock. (altough the reward is starting to be worth the risk).
Another confirmation is the fact that the news being blasted to everyone about the 1:4 stock split happening by end of August, has surely raised prices as both people and large investors have dug-in long positions.
Since AAPL was successfully able to close above $440, we are able to look to the next resistance level of $510, meaning AAPL should hit the value of $500 before the end of August.
I am keeping a close track of candlesticks on the 2H, 4H, 1D, and 1W to spot signs of potential reversal, now that we are close to the top of the channel. I believe the sentiment is shared across the community that AAPL seems to be overbought at this moment, but without proper verificatoin - no one in their right mind would short this stock. (altough the reward is starting to be worth the risk).
Another confirmation is the fact that the news being blasted to everyone about the 1:4 stock split happening by end of August, has surely raised prices as both people and large investors have dug-in long positions.
Comment:
And right after posting that... We are seeing a reversal sign develop. :p
