#202427 - priceactiontds - weekly update - apple #1Good Evening and I hope you are well.
Apple
comment: Stock is trying to break above the bull channel that has been holding for 2 years. Many rejections above 208 but bulls keeping it above the trend line. Until bears can push this below 205, the daily ema and the bull trend line, bulls are in full control. Can you buy up here and hope for more upside? I would not. Tight trading range and it's better to wait for a breakout before entering.
current market cycle: bull trend
key levels: 200-220
bull case: Bulls want to keep this break above going and trade higher. Reasonable target would be 250. As long as they keep it above daily ema, bull trend line and big round number 200, they have all the arguments on their side.
Bull Invalidation is below 200
bear case: If bears manage to print below 200 again, they could trigger many bull stops which are probably around 197-199 and we could see a deeper pullback. Bears ultimately want the bull breakout to fail and become a bull trap. If enough bulls give up, chances are good that we will test down to the low of the channel over the next months.
Bear Invalidation is above 222
short term: Bearish here for 206/207 before we could turn again. Play the triangle until clear breakout.
medium-long term: Will update on the next breakout of the triangle