This Apple trendline break is TEXTBOOK! Some quick thoughts...
This Apple trendline break is textbook in so many ways. First of all, it's always interesting to see how and when trendlines work. No tools in technical analysis are perfect, and they're often used for probabilities and planning, but when they do work, it's a beautiful thing to watch.
Apple, for example, since the start of the year has followed the trendline perfectly as each yellow circle highlights where the trendline met price and the dip was bought.
There are well over 6 instances where this occurred.
How did I miss this trend by the way? I need to improve my scanning capabilities.
Nonetheless, let's also pay attention to the trendline break, which is highlighted on the chart - a 10% correction since the break. Textbook break and decline.
If you're a chart dog like myself, and follow charts daily, this is simply a textbook example of an uptrend and then a break.
For future trading, and looking for a dip to buy or place to short, I would check out the $176 price level with a small gap (see yellow arrow). Some event happened there and gaps, as they say, act as magnets. So whoever bought there or sold there, may come back into play. I'll be watching.
Thanks for reading
Apple, for example, since the start of the year has followed the trendline perfectly as each yellow circle highlights where the trendline met price and the dip was bought.
There are well over 6 instances where this occurred.
How did I miss this trend by the way? I need to improve my scanning capabilities.
Nonetheless, let's also pay attention to the trendline break, which is highlighted on the chart - a 10% correction since the break. Textbook break and decline.
If you're a chart dog like myself, and follow charts daily, this is simply a textbook example of an uptrend and then a break.
For future trading, and looking for a dip to buy or place to short, I would check out the $176 price level with a small gap (see yellow arrow). Some event happened there and gaps, as they say, act as magnets. So whoever bought there or sold there, may come back into play. I'll be watching.
Thanks for reading
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