Apple Computers- Old Resistance Becomes Support
Updated
📈 Apple's Stock Analysis: Navigating the $180 Zone 📈
As Apple's stock hovers around the $180 mark, we're at a critical juncture with several key factors converging:
- The stock is slightly above the rising 200-day EMA, indicating underlying strength.
- It's positioned within a significant support zone, which previously served as a formidable resistance level.
- This support level has successfully held firm on four occasions.
- A comparison between the green zones 3 and 4 alongside RSI levels reveals a divergence: the RSI hit a low, yet the stock price remained resilient.
Should the stock maintain and bounce off this pivotal $180 level, we're potentially looking at a trajectory towards new all-time highs. After a period of trading and consolidation since August 2023, a breakthrough above $200 could set the stage for a robust rally, unlike the aftermath of the previous three all-time highs.
Conversely, should the $180 support fail to hold, we might see a retreat to the late October lows in the vicinity of $165—a less likely but plausible scenario.
🌐 Broader Market Context🌐
The markets have experienced a significant rally since early November 2023, and are currently pausing for a breather. Adding to today's suspense, Nvidia is set to announce its earnings, marking the year's last and most eagerly awaited earnings release on Wall Street.
Stay tuned as we navigate these developments. The coming days could be pivotal for Apple's stock trajectory and the broader market sentiment.
As Apple's stock hovers around the $180 mark, we're at a critical juncture with several key factors converging:
- The stock is slightly above the rising 200-day EMA, indicating underlying strength.
- It's positioned within a significant support zone, which previously served as a formidable resistance level.
- This support level has successfully held firm on four occasions.
- A comparison between the green zones 3 and 4 alongside RSI levels reveals a divergence: the RSI hit a low, yet the stock price remained resilient.
Should the stock maintain and bounce off this pivotal $180 level, we're potentially looking at a trajectory towards new all-time highs. After a period of trading and consolidation since August 2023, a breakthrough above $200 could set the stage for a robust rally, unlike the aftermath of the previous three all-time highs.
Conversely, should the $180 support fail to hold, we might see a retreat to the late October lows in the vicinity of $165—a less likely but plausible scenario.
🌐 Broader Market Context🌐
The markets have experienced a significant rally since early November 2023, and are currently pausing for a breather. Adding to today's suspense, Nvidia is set to announce its earnings, marking the year's last and most eagerly awaited earnings release on Wall Street.
Stay tuned as we navigate these developments. The coming days could be pivotal for Apple's stock trajectory and the broader market sentiment.
Note
All major indexes closed near their lows on Friday and Nasdaq 100 was in the RED.All but 5 stocks on the Philadelphia semiconductor index were in the RED
and Friday morning highs provided with plenty of supply all day long.
Apple is relatively weak compared with Nasdaq and is no longer a leader since the End of December 23. And Berkshire sold 10million shares here.
It all looks really bad, yet if it holds the $180 it will have a nice run. If not, the Risk/Reward here is excellent. BUT it MUST hold this level first...
Navigate with Care
Trade active
what a day we had on Friday- just another confirmation that someone big is unloading Apple stock. the price traded below the area of support and screamed back up into the lower part of the $180 range. I am not looking for any positive signs, but it is hard to ignore the last 4 hour rejection candle.This is it for Apple- hold or break!
Navigate with care
Trade closed: stop reached
the price broke and closed below the $180 area, invalidating the idea posted. Next stop is see if it tests the October lows of $165Note
The price runs up less than 2 points from all time high and we get the news that the company made a deal with OpenAi. Does this mean that Iphone 16 will not be the first AI phone, because Chatgpt is already on Iphone and Android? Or maybe someone got cut short and needs room to get out?In any case, I am biased to the upside because shorting Apple has proved to be a dumb idea for decades. lets see how far it will pull back.
P.S. to be clear- Apple is one of not many stocks that i will never short, because it goes up exponentially faster than it goes down. But don't take my word for it and check it for yourself
Note
Everybody wants Apple above 200
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