2018 Highs Bounce
Updated
There is an interesting setup between AAPL and SPY right now. Both are sitting at 238 in pre-market, and both are looking at a target around 233.5. Will that hold or will there be further selling? Who knows....
What we do know is that APPL respects it's longer term trendlines very well. AAPL's bull market cycle that started back in 2016 is back in play. And even more importantly, AAPL's 2018 highs sit right around 233.50. So a lot of support in this area for AAPL. We're looking for a bounce from there with 2 potential upside price targets, before a further sell-off back down to the 200 day weekly as the next support zone.
Which has acted as the ultimate "bottom" support zone for AAPL over it's last three cycles down
SPY remains key aswell, if it breaks down below the Dec 2018 lows, another 15 point sell-off can be expected, don't fight the overall trend, it hasn't worked with anything on this sell-off.
*NOT RECOMMENDATIONS, ALWAYS do your own analysis first!*
What we do know is that APPL respects it's longer term trendlines very well. AAPL's bull market cycle that started back in 2016 is back in play. And even more importantly, AAPL's 2018 highs sit right around 233.50. So a lot of support in this area for AAPL. We're looking for a bounce from there with 2 potential upside price targets, before a further sell-off back down to the 200 day weekly as the next support zone.
Which has acted as the ultimate "bottom" support zone for AAPL over it's last three cycles down
SPY remains key aswell, if it breaks down below the Dec 2018 lows, another 15 point sell-off can be expected, don't fight the overall trend, it hasn't worked with anything on this sell-off.
*NOT RECOMMENDATIONS, ALWAYS do your own analysis first!*
Note
"Weak" wedge forming:3 straight days trying to regain the Feb 28 lows, and failing....Still looking at a 233.5 entry on tight stops.
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