Hello traders and investors! Let’s talk about Apple today!
The key point for Apple in the short-term is the $ 121.98, because it was a previous top, which was defeated today, but if AAPL loses it again, the market may see this as a false breakout, and it could retest again the 21 ema.
I wouldn’t say that Apple is in a strong bull trend, as we are still quite close to the previous top, and if we look at the daily chart, it seems we have a congestion:
As we can see, the 21 ema is flat, and since the momentum is bullish in the hourly chart, at least, it seems Apple will retest the blue line at $ 125.39. But again, the purple line is the most important support here, and it is a pivot point as well.
This makes me believe that in the mid-term Apple could hit the All Time High, but it must not lose the purple line again. Another good indicator is that the volume seems to be increasing, and this fuels the trend. If Apple is going to trigger this pivot point for good, we must see some volume!
In the weekly chart we have a Pennant chart pattern, which was triggered this week, and the volume of the movement that made the Pennant is decreasing.
This is another indicator that the trend is probably going to continue in the mid/long-run, according to the 5th tenet of the Dow Theory: The volume must confirm the trend. If the volume is decreasing during a pullback, then it is not a real sell-off.
So far we have no clear reversal signs, but it is important to keep the $ 121.98 for now. And if you liked this analysis, remember to support it! And follow me to keep in touch with my daily updates.
Thank you very much.
The key point for Apple in the short-term is the $ 121.98, because it was a previous top, which was defeated today, but if AAPL loses it again, the market may see this as a false breakout, and it could retest again the 21 ema.
I wouldn’t say that Apple is in a strong bull trend, as we are still quite close to the previous top, and if we look at the daily chart, it seems we have a congestion:
As we can see, the 21 ema is flat, and since the momentum is bullish in the hourly chart, at least, it seems Apple will retest the blue line at $ 125.39. But again, the purple line is the most important support here, and it is a pivot point as well.
This makes me believe that in the mid-term Apple could hit the All Time High, but it must not lose the purple line again. Another good indicator is that the volume seems to be increasing, and this fuels the trend. If Apple is going to trigger this pivot point for good, we must see some volume!
In the weekly chart we have a Pennant chart pattern, which was triggered this week, and the volume of the movement that made the Pennant is decreasing.
This is another indicator that the trend is probably going to continue in the mid/long-run, according to the 5th tenet of the Dow Theory: The volume must confirm the trend. If the volume is decreasing during a pullback, then it is not a real sell-off.
So far we have no clear reversal signs, but it is important to keep the $ 121.98 for now. And if you liked this analysis, remember to support it! And follow me to keep in touch with my daily updates.
Thank you very much.
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
