AAPL: Watch out for that quad-resistance!
Hello traders and investors! Let’s see how AAPL is doing today!
In the 1h chart, we see that AAPL is struggling at a very strong resistance level. The $ 169 was a previous support in the past, and now it is working as a resistance (Principle of Polarity). Still speaking of the $ 169, this is the gap area (blue square), which is another resistance. In addition, we have a purple trend line connecting the previous top levels. Like all of this wasn’t enough, we have the 21 ema, and AAPL is trading under it again. Yes, we are still in a bear trend in the 1h chart.
This is a quad-resistance level, and only if AAPL breaks this point we’ll see something interesting going on again. Otherwise, it’ll just keep dropping to the next support levels.
In the daily chart, we see that AAPL lost the $ 168, along with the 38.2% retracement. However, it just hit the 50% and today it is bouncing back up. This would be good, if we didn’t have the $ 168, the 38.2% retracement, and the 21 ema working as resistances in the daily chart.
It is important to notice that AAPL could drop all the way down to the 61.8% retracement, at $ 161, without ruining the bullish bias since March 15.
To me, AAPL is in a very delicate situation, and we must wait for the breakout of either its resistances or its supports, before taking action. To me, there are literally dozens of stocks that are looking much better, and that have more potential than AAPL right now.
Either way, I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
In the 1h chart, we see that AAPL is struggling at a very strong resistance level. The $ 169 was a previous support in the past, and now it is working as a resistance (Principle of Polarity). Still speaking of the $ 169, this is the gap area (blue square), which is another resistance. In addition, we have a purple trend line connecting the previous top levels. Like all of this wasn’t enough, we have the 21 ema, and AAPL is trading under it again. Yes, we are still in a bear trend in the 1h chart.
This is a quad-resistance level, and only if AAPL breaks this point we’ll see something interesting going on again. Otherwise, it’ll just keep dropping to the next support levels.
In the daily chart, we see that AAPL lost the $ 168, along with the 38.2% retracement. However, it just hit the 50% and today it is bouncing back up. This would be good, if we didn’t have the $ 168, the 38.2% retracement, and the 21 ema working as resistances in the daily chart.
It is important to notice that AAPL could drop all the way down to the 61.8% retracement, at $ 161, without ruining the bullish bias since March 15.
To me, AAPL is in a very delicate situation, and we must wait for the breakout of either its resistances or its supports, before taking action. To me, there are literally dozens of stocks that are looking much better, and that have more potential than AAPL right now.
Either way, I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
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