$AAPL Closing the week green now what
Apple after about 7 straight red weekly candles and RSI approaching over sold, got a nice and technically expected bounce this week.
Now what ?
Well, best any one can do is play it level to level since my crystal ball is broken.
150 - Big psych level here and prior support, which since broke is now resistance, could easily see rejection here , however given RSI and recent options, my bias is price may stall here, but I think we eventually break this level to the upside.
160 - My bias for a good short entry would start here - reversion to the mean of the 10wkMA and big psych level 160. This would also give the RSI time to average out and the skew pulled back from puts a bit.
167 - In my opinion anything is possible and IF price does get here I am definitely going short, with a break above this level at that point would be going long as AAPL would have reclaimed the 30wk MA and is back to an ATH scenario (again I'm not expecting this but anything is probable)
No trade for me just yet, sitting and waiting to see what next week brings.
Also not that this is something I trade off of , but retail and sentiment is now conditioned to short any rip or pop. Even the comments of Reddit, WeBull, etc. , everyone is buying puts on green days now. I would not be surprised we thus now get a more sustained rally to throw everyone long / close puts, just in time for a violent move down :).
Cheers
Now what ?
Well, best any one can do is play it level to level since my crystal ball is broken.
150 - Big psych level here and prior support, which since broke is now resistance, could easily see rejection here , however given RSI and recent options, my bias is price may stall here, but I think we eventually break this level to the upside.
160 - My bias for a good short entry would start here - reversion to the mean of the 10wkMA and big psych level 160. This would also give the RSI time to average out and the skew pulled back from puts a bit.
167 - In my opinion anything is possible and IF price does get here I am definitely going short, with a break above this level at that point would be going long as AAPL would have reclaimed the 30wk MA and is back to an ATH scenario (again I'm not expecting this but anything is probable)
No trade for me just yet, sitting and waiting to see what next week brings.
Also not that this is something I trade off of , but retail and sentiment is now conditioned to short any rip or pop. Even the comments of Reddit, WeBull, etc. , everyone is buying puts on green days now. I would not be surprised we thus now get a more sustained rally to throw everyone long / close puts, just in time for a violent move down :).
Cheers
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