AAPL's Next Move: Bearish Momentum or Potential Reversal? Nov. 6
Current Trend & Price Action
From the hourly chart, AAPL shows a downtrend, indicated by a pattern of lower highs and lower lows. The stock is consolidating near the lower boundary, hinting at possible support around $220, a level that could act as a pivot for either a reversal or further downside.
Support & Resistance Levels
Immediate Resistance: $223.85, marked by recent highs.
Key Resistance Zone: $234 - $236. Breaking above this zone could suggest bullish momentum.
Immediate Support: $220, a crucial psychological and technical level.
Critical Support Zone: $218 - $219. A break below this area could accelerate selling pressure.
Indicators
Moving Averages (15 EMA and 161 EMA): AAPL remains below both EMAs, signaling bearish sentiment. The EMAs serve as dynamic resistance, with the stock attempting but failing to close above them recently.
MACD: Shows potential for a bullish crossover but remains in bearish territory. Watch for a crossover confirmation, which could indicate a short-term bounce if volume supports it.
Trading Strategy & Entry/Exit Points
Bounce Play: If AAPL holds above $220, a possible entry for a short-term reversal play could be considered. Look for entries near $220 with a target around $223.85 and a stop below $218.
Breakdown Play: If AAPL falls below $220 with strong volume, consider a short position targeting $218 and lower levels if momentum persists.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Please conduct your own research and trade responsibly.
From the hourly chart, AAPL shows a downtrend, indicated by a pattern of lower highs and lower lows. The stock is consolidating near the lower boundary, hinting at possible support around $220, a level that could act as a pivot for either a reversal or further downside.
Support & Resistance Levels
Immediate Resistance: $223.85, marked by recent highs.
Key Resistance Zone: $234 - $236. Breaking above this zone could suggest bullish momentum.
Immediate Support: $220, a crucial psychological and technical level.
Critical Support Zone: $218 - $219. A break below this area could accelerate selling pressure.
Indicators
Moving Averages (15 EMA and 161 EMA): AAPL remains below both EMAs, signaling bearish sentiment. The EMAs serve as dynamic resistance, with the stock attempting but failing to close above them recently.
MACD: Shows potential for a bullish crossover but remains in bearish territory. Watch for a crossover confirmation, which could indicate a short-term bounce if volume supports it.
Trading Strategy & Entry/Exit Points
Bounce Play: If AAPL holds above $220, a possible entry for a short-term reversal play could be considered. Look for entries near $220 with a target around $223.85 and a stop below $218.
Breakdown Play: If AAPL falls below $220 with strong volume, consider a short position targeting $218 and lower levels if momentum persists.
Disclaimer: This analysis is for educational purposes only and is not financial advice. Please conduct your own research and trade responsibly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.