Apple / AAPL is completing the 2nd Low of the Bull Flag pattern started on its All Time High. So far that represents a -15% fall.
It has almost hit the 1day MA200 today and the more powerfull (on a Cycle perspective) 1week MA50 is just under it.
Considering that the market recovery and bottom started on the Head of an Inverse Head and Shoulder's pattern which exceeded the 2.0 Fibonacci target and its neckline was on 157.50, while the Bear Cycle's Falling Resistance is right in the middle of the two MAs, we are technically very near a big Support Zone.
It remains to be seen if indeed it is a demand level. The 1day RSI is low enough to justify a bottom formation.
Start buying and target 205.00 (Fibonacci 1.236 extension) on the long term.
Previous chart:
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It has almost hit the 1day MA200 today and the more powerfull (on a Cycle perspective) 1week MA50 is just under it.
Considering that the market recovery and bottom started on the Head of an Inverse Head and Shoulder's pattern which exceeded the 2.0 Fibonacci target and its neckline was on 157.50, while the Bear Cycle's Falling Resistance is right in the middle of the two MAs, we are technically very near a big Support Zone.
It remains to be seen if indeed it is a demand level. The 1day RSI is low enough to justify a bottom formation.
Start buying and target 205.00 (Fibonacci 1.236 extension) on the long term.
Previous chart:
Follow us, like the idea and leave a comment below!!
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TheCryptagon offers news & insights on global markets (crypto, forex, stocks, commodities). Follow so you don't miss anything!
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
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.