AAPL for Tomorrow (10/08/2024)Price Action:
Current Price: Around $223.06, with a recent low of $221.80.
Recent Trend: The stock has been trending downward since the break below the upward channel, indicating selling pressure.
Volume: Volume is relatively higher around the current price range, indicating strong interest in this level, possibly acting as support.
Key Levels:
Support:
Immediate support at $221.80, which was today's low.
Further support around $221.22 (tested recently).
Resistance:
Immediate resistance at $223.85 (current day's close).
Higher resistance at $226.80 (former consolidation level) and $228.02 (top of the prior range).
Indicators:
MACD: Shows low momentum, hovering near the zero line. This indicates weak momentum and suggests a possible sideways movement or further bearishness if no bullish reversal emerges.
Outlook for Tomorrow:
Bearish Bias: Given the recent downward movement and break from the channel, AAPL may see further downside unless it holds the $221.80 support level.
Potential Scenarios:
If $221.80 holds, there could be a bounce back towards $223.85 or $226.80 as resistance.
A breakdown below $221.80 might lead to testing the lower support levels near $221.22 or even lower.
Trading Plan:
For Bulls: Look for entries around $221.80 with targets at $223.85 or $226.80. A stop loss could be placed below $221.22.
For Bears: Watch for a break below $221.80 to enter short, targeting $220 or lower. Stop loss could be above $223.85.
Disclaimer:
This analysis is based on historical data and current market trends. It does not constitute financial advice. Always conduct your own research and consider your risk tolerance before making any trading decisions.
