1. Price action has shown a bounce off good weekly structure support. 2. 0.618 FIBB levels aligns with structure as well. 3. 200 Day moving averages on the weekly aligns as well with structure. 4. Good risk reward 5. RSI Bullish divergence on daily chart and oversold conditions.
* The high confluence of indicators and price actions gives us enough confidence for a swing trade for apple stock. Cheers do let me know what you think! Check out the youtube: youtu.be/21j_fGSDs-8
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Bullish gap is almost closing up and prices could reverse. If you do not intend to hold for long term, you can close some of your position for a 10% profit and let the rest run with a breakeven stop loss. However, if you are long term, you can look to add if prices should dip further $142. Cheers.
I am anticipating a short opportunity in the SNP next week. SO do watch out and trade safe.
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There is still support and buying pressure on the demand zone.
Interesting take on Apple. I have to take the opposing view. Apple is up against market saturation as well as increasing production costs. In the middle of that was declining sales forecasted in their largest market... China. We had a gap in aftermarket trading which got filled today. There is another gap around the $122 that is a magnet for Apple should continue to go Bearish. It will be interesting to see how Apple, with Tim Cook (no Steve Jobs), will handle the issues facing the company. We also must look at FB and it's fall from it's high. The tech sector seems to be leading the decline in the market and has the most volatility. Anyway, great stuff!!! Your analysis is short, specific, and to the point with clear references on your chart. Thanks!
Biff
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@biffbifford, Yes, I would have to agree with you on the fundamental side of things where the phone sales have been disappointing and have been also slowing down. However, I do like the fact that the other products have been seeing substantial growth over the years, which hopefully will form a larger portion of Apple's revenue over time. Yeah I would be also interested to see how much of a breakthrough Tim Cook can perform on the innovative side of things as well. Yes, the market is falling and the tech sector does seem to be the fallen unicorns, the upside move I am expecting could also be a short squeeze as well. I wouldn't be surprise if the stock market stays as a bear market for 2019 as well but then again the technicals for this stock seems to tempting to pass on.Thanks man! I appreciate your fundamental view as well.
biffbifford
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@Souldrake, Great dialogue! I hope you have a prosperous 2019!!!
Biff