AAPL: The most important points to keep an eye on!

3 בנוב׳ 2020

Hello traders and investors! Let’s see how Apple is doing today!

First, Apple is in a bear trend in the hourly chart, but it seems it found a bottom at the $ 107 region (green line), and it did a Double Bottom chart pattern. The Double Bottom in a bullish pattern, and it was triggered today.

Now, it seems AAPL is doing a quick pullback, and I see the $ 111.45 (yellow line) as a pivot point for the stock. If Apple trades above this point, the scenario will start to look more bullish than bearish.

Now, let’s look at the daily chart:



In the daily chart the red line at $ 112.22 is quite interesting, as it was a previous support for Apple in the past. If the stock triggers the pivot point mentioned in the hourly chart, the odds are that it’ll trade above the red line in the daily chart.

This will make AAPL enter bull territory again, and the $ 125.39 will be our next target.

On the other hand, if the Double Bottom pattern is frustrated in the hourly chart, then Apple will most likely hit the black line at $ 103 again. The trend is still bearish in the daily chart, and it is still trading under the 21 ema. But I believe the situation is not that bad for AAPL, as the weekly chart is still quite bullish:



The recent drop could be just a correction to the 21 ema, and we have a Pennant chart pattern here, which is usually a continuation pattern.

Pullbacks are normal and expected, and usually they just offer buy opportunities. But if Apple is about to drop to lower levels, it must frustrate the Double Bottom pattern in the hourly chart, then the Pennant in the weekly chart.

Let’s be careful here and watch these points closely. And if you liked this analysis, please, support it! And follow me to keep in touch with my daily studies.

Have a nice day.