AAPL: Next targets.
Hello traders and investors! The situation is quite bearish for Apple! It seems the stock simply can’t sustain a bullish momentum. But, what to do next? Let’s see about it.
The hourly chart is engaged in a bear trend as we expected, since it lost the red line that we mentioned a long time ago, in my Aug. 27 analysis (link below). Now it seems we have a chart pattern that looks like a Descending Triangle, and Apple is trading near its support, which is good. It indicates that the bulls won’t give up so easily. Now it would be a good time for a reaction.
When a stock is near its support, the Risk/Reward ratio is usually very good, and this attracts buyers. On the other hand, if the support at the black line is lost, it will attract short-seller and it will stop the buyers. We could see a bearish run if this happens.
Now, let’s see the daily chart:
Apple is in a quite dangerous situation now. It hit our target at $ 114 (link below), but now it is struggling a lot in this region, meaning it is an important point for the stock.
Also, Apple is trading between the 21 ema and the support at $ 114, meaning the bulls can’t defeat the resistance at the 21 ema, but the bears can’t defeat the support at the purple line.
But since the volume is decreasing and the 21 ema is starting to point downwards, it seems the bears are getting the upper hand.
If bulls are serious on Apple, we must see a reaction quickly, because the range between the 21 ema and the support is getting tighter.
Either way, the momentum is bearish, and if Apple loses its support at the purple line, the gaps will be our next target. But I'm skeptical about a new crash, so, it is a little to soon to jump into any conclusion.
This is my view about Apple, and if you read this far, please, support this idea! And follow me to keep in touch with my analyses! I’m here every day to update you about the market, and I‘m sure you’ll find something interesting around here.
My best regards.
The hourly chart is engaged in a bear trend as we expected, since it lost the red line that we mentioned a long time ago, in my Aug. 27 analysis (link below). Now it seems we have a chart pattern that looks like a Descending Triangle, and Apple is trading near its support, which is good. It indicates that the bulls won’t give up so easily. Now it would be a good time for a reaction.
When a stock is near its support, the Risk/Reward ratio is usually very good, and this attracts buyers. On the other hand, if the support at the black line is lost, it will attract short-seller and it will stop the buyers. We could see a bearish run if this happens.
Now, let’s see the daily chart:
Apple is in a quite dangerous situation now. It hit our target at $ 114 (link below), but now it is struggling a lot in this region, meaning it is an important point for the stock.
Also, Apple is trading between the 21 ema and the support at $ 114, meaning the bulls can’t defeat the resistance at the 21 ema, but the bears can’t defeat the support at the purple line.
But since the volume is decreasing and the 21 ema is starting to point downwards, it seems the bears are getting the upper hand.
If bulls are serious on Apple, we must see a reaction quickly, because the range between the 21 ema and the support is getting tighter.
Either way, the momentum is bearish, and if Apple loses its support at the purple line, the gaps will be our next target. But I'm skeptical about a new crash, so, it is a little to soon to jump into any conclusion.
This is my view about Apple, and if you read this far, please, support this idea! And follow me to keep in touch with my analyses! I’m here every day to update you about the market, and I‘m sure you’ll find something interesting around here.
My best regards.
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