Crypto Crusader here for another blue-chip analysis.
Apple has been a strange outlier regarding the rest of the large cap tech sector. They had a larger drop than Amazon or Microsoft , and in the process have been downgraded from the worlds largest company and now are in the third place spot behind Amazon , and then Microsoft. This is a crucial time for Apple, everyone is all hyped up about the new products, earnings, revenue quotas, subscriptions, privacy banter etc. While all that is "nice" I don't think these news pieces hold much significance for the future price of this stock. A potential retest of $175 could be hit if a breakout of $155 occurs (I've come to this conclusion based on the fact that a Morning Star could be popping up on the monthly time-frame.) If this morning star doesn't fully extend a more likely scenario of falling below the support and creating a negative bear doji would be in the works.
The MACD has created a divergence with a beautiful crossover, and at the same time a hidden divergence has appeared on monthly RSI levels, its possible that "AAPL" falls lower than a 43 RSI reading, but with current readings around 45 and still upholding the support its possible it won't fully retest the lower support levels.
This is all for educational purposes and I'm not responsible for potential incurred losses by viewers. Trade responsibly (and stay away from margin, you don't need it)
Happy trading,
Crypto Crusader
Apple has been a strange outlier regarding the rest of the large cap tech sector. They had a larger drop than Amazon or Microsoft , and in the process have been downgraded from the worlds largest company and now are in the third place spot behind Amazon , and then Microsoft. This is a crucial time for Apple, everyone is all hyped up about the new products, earnings, revenue quotas, subscriptions, privacy banter etc. While all that is "nice" I don't think these news pieces hold much significance for the future price of this stock. A potential retest of $175 could be hit if a breakout of $155 occurs (I've come to this conclusion based on the fact that a Morning Star could be popping up on the monthly time-frame.) If this morning star doesn't fully extend a more likely scenario of falling below the support and creating a negative bear doji would be in the works.
The MACD has created a divergence with a beautiful crossover, and at the same time a hidden divergence has appeared on monthly RSI levels, its possible that "AAPL" falls lower than a 43 RSI reading, but with current readings around 45 and still upholding the support its possible it won't fully retest the lower support levels.
This is all for educational purposes and I'm not responsible for potential incurred losses by viewers. Trade responsibly (and stay away from margin, you don't need it)
Happy trading,
Crypto Crusader