AAPL - potential scenarios LONG OR SHORT?

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AAPL             – potential scenarios, 1D time frame.

Personally I think AAPL             is in very interesting position and can be played both ways – short and long depending on what’s happens next.
We are currently in triangle – Bullish Pennant – suggesting continuation of uptrend if broken outside triangle to the upside. By simply measuring the length of last movement up, we can try to pre estimate price target of 150-155
However if price breaks to the downside we are more likely to find support at 50% fib retracement which confluences with support area - around 119-118 – possibly good place to enter long position targeting recent highs 132-133 and then new highs 145-150
Significant break below 118 may open way to 106-103 area – which in my humble opinion is very unlikely to happen – I might be wrong but - "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros
Always look for good RR ratio!
As you can see its very interesting area with a lots of potential for long and short positions – however I would look for long positions mainly as big picture is that we are still in uptrend.

Good luck and good trading!
Arek JP            
2 years ago
that neckline holds the key
estimated top is around 140-144
2 years ago