AAPL: Is it confirming a new DIP? Only if it does this.
• AAPL looks extremely bearish, doing a new low this year;
• In the weekly chart, we see that the $128.65 was a key support level from June, which AAPL completely ignored yesterday;
• The next technical support is at $121, and in theory, AAPL is supposed to get there – if we don’t see a very good reaction rejecting the bearish sentiment;
• What could be a good reaction on AAPL? It would be important to see it closing above the $128.65 today. As this would give the impression of a false breakout from a support level, a technical bear trap, and could make yesterday bar a possible Exhaustion Bar;
• In this scenario, I see AAPL retesting the 21 ema in the daily chart again next. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• In the weekly chart, we see that the $128.65 was a key support level from June, which AAPL completely ignored yesterday;
• The next technical support is at $121, and in theory, AAPL is supposed to get there – if we don’t see a very good reaction rejecting the bearish sentiment;
• What could be a good reaction on AAPL? It would be important to see it closing above the $128.65 today. As this would give the impression of a false breakout from a support level, a technical bear trap, and could make yesterday bar a possible Exhaustion Bar;
• In this scenario, I see AAPL retesting the 21 ema in the daily chart again next. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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