Can Apple Bounce?
Apple is experiencing a weak September, but a quick inspection on the monthly
timeframe shows price is now finding support at a resistance level turned support.
This level is based on the January 2021 high at $145. Price initially broke above
this level in July 2021 and started pulling back this month.
Last week price opened below this level but closed above it, closing with
a strong bearish candle.
We have the $150 round number above price, so even if we start to see bullish
momentum, this will be the first hurdle for price to get through. The next
hurdle will be the all-time high at $157.
As the overall trend is bullish, we anticipate a bounce from support. If the
long-term trend is as strong as before, it should make light work of the
resistance hurdles in the way.
As we have positions already running, we will look for compounding
opportunities once we begin to see breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
timeframe shows price is now finding support at a resistance level turned support.
This level is based on the January 2021 high at $145. Price initially broke above
this level in July 2021 and started pulling back this month.
Last week price opened below this level but closed above it, closing with
a strong bearish candle.
We have the $150 round number above price, so even if we start to see bullish
momentum, this will be the first hurdle for price to get through. The next
hurdle will be the all-time high at $157.
As the overall trend is bullish, we anticipate a bounce from support. If the
long-term trend is as strong as before, it should make light work of the
resistance hurdles in the way.
As we have positions already running, we will look for compounding
opportunities once we begin to see breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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