AAPL: Big correction ahead? Only if it does this...
• AAPL just reached a short-term support line on the 1h chart, around $170.93;
• This support area acted as a support on three different occasions recently, and it acted as a resistance level on May 3;
• So far, it seems AAPL is reacting above this key point. In this case, we can expect that it will seek the next resistance around $174, which is the main resistance line of this congestion;
• Although AAPL is correcting on the 1h chart, the daily chart is still very bullish. We see nothing but higher highs/lows and AAPL is trading consistently above the 21 ema;
• In theory, it could correct a little bit more, to the 21 ema, and that wouldn’t ruin the bull trend. The 21 ema is at $169.43 now;
• Therefore, the area around $170.93 (1h) and $169.43 (D) is a dual-support area on two different time frames. Only if AAPL loses this dual-support area we would see a sharper correction, maybe even a top signal on the weekly chart:
• However, as long as AAPL maintains its bullish structures up, there’s no reason to concern. I’ll keep you updated on this.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• This support area acted as a support on three different occasions recently, and it acted as a resistance level on May 3;
• So far, it seems AAPL is reacting above this key point. In this case, we can expect that it will seek the next resistance around $174, which is the main resistance line of this congestion;
• Although AAPL is correcting on the 1h chart, the daily chart is still very bullish. We see nothing but higher highs/lows and AAPL is trading consistently above the 21 ema;
• In theory, it could correct a little bit more, to the 21 ema, and that wouldn’t ruin the bull trend. The 21 ema is at $169.43 now;
• Therefore, the area around $170.93 (1h) and $169.43 (D) is a dual-support area on two different time frames. Only if AAPL loses this dual-support area we would see a sharper correction, maybe even a top signal on the weekly chart:
• However, as long as AAPL maintains its bullish structures up, there’s no reason to concern. I’ll keep you updated on this.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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