Apple - testing support and trendline
This week Apple price was moving around support level (S1 blue line in the picture).
It did not manage to break it, but also - we did not see strong move up, which could confirm that uptrend continues.
Even if the price would break S1 support line, there would be two more supports (S2 and S3 lines in the picture).
What is more - price has tested trendline too (purple line in picture).
At the moment there is much bigger chance that price will continue to go up, but if you do not have a position yet - it would be clever to wait for a confirmation (strong move up), before opening trade.
Stop loss should be below one of the support lines (according to your risk management).
Going short now would be very risky.
It did not manage to break it, but also - we did not see strong move up, which could confirm that uptrend continues.
Even if the price would break S1 support line, there would be two more supports (S2 and S3 lines in the picture).
What is more - price has tested trendline too (purple line in picture).
At the moment there is much bigger chance that price will continue to go up, but if you do not have a position yet - it would be clever to wait for a confirmation (strong move up), before opening trade.
Stop loss should be below one of the support lines (according to your risk management).
Going short now would be very risky.
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