AAPL Technical Analysis for Nov. 1, 2024Technical Overview:
Current Price Level: AAPL is trading around $221.71 after a significant bearish move, putting it near key support zones.
Support and Resistance:
Support: The nearest support is around $220.00, a key psychological level that may attract buyers.
Resistance: Immediate resistance is found around $227.31, followed by a more substantial level at $231.50, which AAPL previously rejected.
Trend Analysis:
A strong downtrend is evident with a steep decline, indicated by both the price action and the EMA slopes.
AAPL is far below the recent trendline, suggesting strong bearish momentum unless buying interest returns near support.
MACD:
The MACD is deeply negative, with no immediate signs of a bullish crossover. However, a shift in momentum near the support zone may provide some relief.
Volume:
The increased volume on the recent bearish candles indicates that selling pressure dominated, but watch for a volume decline or reversal near the support level to signal a potential bounce.
Trading Strategy for Tomorrow:
Bullish Scenario: If AAPL can hold above $220.00 and shows bullish momentum on the hourly chart, it may attempt a recovery toward $227.31. Watch for an increase in buying volume to confirm this move.
Bearish Scenario: If AAPL breaks below $220.00, it may continue to decline, with a potential downside target at $215.00. Monitor the $227.31 level as a potential area to re-enter short positions if a reversal occurs near this resistance.
Entry and Exit Points:
Long Entry: Consider a long position if AAPL holds above $220.00 with strong buying support, aiming for $227.31. Set a stop loss around $218.
Short Entry: Consider shorting below $220.00 if bearish momentum continues, with a target of $215.00, and set a stop loss above $223.
Short Disclaimer:
This analysis is for informational purposes only and not financial advice. Conduct your own research and consider your risk tolerance before making any trading decisions.
