Apple set to meet support near 155

Updated

Looks like the Apple met with long term resistance. Just zoom out the chart and you will see that the yellow line represents a trend of high levels reached during this bull market, starting from 2009.

Initially, I expected that the earnings beat would push through the resistance, and got that wrong.. The stock price bounced off it and formed a descending channel pattern during this retracing week. (Well.. it was time to feed the bears. They look rather skinny. :D)

So.. the idea is about the next notable support level. As you can see we got various support levels meeting at 155.

Zoom out, take a look, where they come from and feel free to ask questions.

Yours sincerely,
Y

P.S. I will mark the idea as neutral because it is bearish initially, but afterwards we will see in updates what will happen in regards to the 155 mark.

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I should create a church or something and be a prophet s***.

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After yesterday's jump Apple has encountered the resistance of a junior channel. Take a look at the hourly below.

In general, I kind of like this slow ascent of various stocks on various days..

From a fundamental aspect, I think that yesterdays chasers are going out and booking short term gains of the rebound, as this is the top stock of the market.

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It even extended the decline down to the 150.00 mark.

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Quiet day. The gains have extended, but there is a medium channel down revealed.

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P.S. I am quite sure that if that upper trend line is broken, the 170 will be the next target. Sort of an idea for a short trade,

Your sincerely,
Y

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Cash in.. or lock in profits.

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I should post only feeling fresh not tired.

This is the correct chart.

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The stock is in limbo around a Fibonacci retracement level. Meanwhile, I have drawn a speculative pattern.

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A zoom in to the 30 min chart. A squeeze in I am staying long due to the prevailing larger scale trend.

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Well.. we are back at the previous high level. Lets see, whether it gets pierced.

Trade closed manually

The narrow black line is where I bounced and took profits.

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TheYanus

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