AAPLHas some important levels in this tight area. Today sold into demand after breaking down from upward wedge. Held the demand zone and started making higher lows, setting up potential 1 - 2; 1 - 2 waves out. But, some hurdles here and big things to watch:
1) breakout from demand means nothing if it can’t clear 271.38 on the potential next attempt; failing to do so can cause more time in the demand zone. More time in a zone weakens it;
2) just above 271.38, price action will have to deal with the recent down trend line which happens to align with a small supply zone. The supply zone is only a 15 minute time frame so not that strong of one;
3) if we open tomorrow with a bid down, 265.43 is the key support level. A print below this will be a lower low and opens the door to trade down to 261/260 quickly
Game Plan: if price catches a bid up, I’ll look to enter a small long with small risk. Clearing those hurdles and it can trade to 278 pretty easily I believe. If price is bid down, I’ll watch to see price action and pressure on the key support price. If it breaks, will enter a small short trade. Small because demand levels below are pretty up in the air I believe at this moment and will just look to lock in a profit
NOTE: if we have a large gap up/down above/below these levels, I’ll sit this one out until a clear range presents itself to wait for price to enter to either long or short
