AAPL long based on trend and level support bounce [27apr-1may]
Updated
Started by identifying a month long channel that started forming late March.
Support seems consistent.
Identified levels @ 240, 255, 265, 290 and 305.
Notation: 240 level = L240
Expecting rejection from L290 and bounce off trend support on 27 April, followed by a rise to L305 by 1st of May.
Planning to enter after breach of L290 with a SL of 1150p (2% risk @ 8000 balance) and a TP of 1705p, just above L305 for a Risk/Reward ratio of 1.48
Perhaps a more conservative approach would be to place the TP under L305.
Support seems consistent.
Identified levels @ 240, 255, 265, 290 and 305.
Notation: 240 level = L240
Expecting rejection from L290 and bounce off trend support on 27 April, followed by a rise to L305 by 1st of May.
Planning to enter after breach of L290 with a SL of 1150p (2% risk @ 8000 balance) and a TP of 1705p, just above L305 for a Risk/Reward ratio of 1.48
Perhaps a more conservative approach would be to place the TP under L305.
Note
AAPL earnings due on 30 April, pay attention :)Note
Also, MACD shows no divergence => one more reason for going long
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