Price Action:
* Opening Movement: At market open, AAPL exhibited a strong upward momentum, driven by sustained buying pressure, pushing the price above key resistance levels.
* Mid-Day: Consolidation occurred around the $247.5 zone, aligning with significant GEX levels, indicating a potential pause for profit-taking and repositioning by traders.
* Closing Trend: The price continued testing the $247.5 level but failed to breach higher resistance zones near $250, showing sellers gaining control near critical gamma levels.
Key Indicators Observed:
1. GEX Indicator:
* $250 Level: Marked as the highest positive GEX, acting as a psychological resistance for traders, confirmed by price hesitation and lower volume near this zone.
* Support at $240: The GEX8 level at $240 served as a critical support level, ensuring downside protection and absorbing selling pressure during earlier intraday pullbacks.
2. Trend Lines:
* The upward sloping trendline provided structural support for the price, confirming the bullish sentiment for the day.
3. MACD:
* The MACD showed a bullish crossover earlier in the day, coinciding with the breakout above $245. However, the histogram started to flatten towards the close, signaling reduced momentum.
4. Volume:
* A noticeable volume spike during the break above $245, indicating strong participation. However, the fading volume near $250 suggests waning bullish momentum.
GEX Indicator Insights:
The Gamma Exposure (GEX) tool proved invaluable in identifying critical support and resistance zones:
* Why it Matters: GEX quantifies gamma levels based on options market activity, offering a transparent view of zones where market makers are likely to hedge, influencing price behavior.
* What Was Observed:
* The resistance at $250 aligns with high positive gamma, making it challenging for the price to push higher unless significant buying pressure emerges.
* The bounce from $240 confirms GEX8 as a robust support level, providing confidence to traders to go long at dips.
* Technical Advantage: By incorporating GEX, traders can anticipate areas of increased volatility or stagnation, enhancing decision-making precision.
Trading Plan for Tomorrow:
Scalping Strategy:
1. Entry Points:
* Long Above $247.5: Look for a breakout with strong volume confirmation.
* Short Below $245: If the price fails to hold and breaks below $245, target the $240 support level.
2. Stop-Loss: Set tight stops at $1 above or below entry points to manage risk.
Swing Trading:
1. Bullish Scenario:
* If AAPL closes above $247.5 with volume, target $250 with an extended swing goal near $255.
2. Bearish Scenario:
* A close below $245 opens room for a pullback to $240. A further breakdown could test $235.
Disclaimer:
This analysis is for informational purposes only and should not be construed as financial advice. Always perform your due diligence before making any trading decisions
* Opening Movement: At market open, AAPL exhibited a strong upward momentum, driven by sustained buying pressure, pushing the price above key resistance levels.
* Mid-Day: Consolidation occurred around the $247.5 zone, aligning with significant GEX levels, indicating a potential pause for profit-taking and repositioning by traders.
* Closing Trend: The price continued testing the $247.5 level but failed to breach higher resistance zones near $250, showing sellers gaining control near critical gamma levels.
Key Indicators Observed:
1. GEX Indicator:
* $250 Level: Marked as the highest positive GEX, acting as a psychological resistance for traders, confirmed by price hesitation and lower volume near this zone.
* Support at $240: The GEX8 level at $240 served as a critical support level, ensuring downside protection and absorbing selling pressure during earlier intraday pullbacks.
2. Trend Lines:
* The upward sloping trendline provided structural support for the price, confirming the bullish sentiment for the day.
3. MACD:
* The MACD showed a bullish crossover earlier in the day, coinciding with the breakout above $245. However, the histogram started to flatten towards the close, signaling reduced momentum.
4. Volume:
* A noticeable volume spike during the break above $245, indicating strong participation. However, the fading volume near $250 suggests waning bullish momentum.
GEX Indicator Insights:
The Gamma Exposure (GEX) tool proved invaluable in identifying critical support and resistance zones:
* Why it Matters: GEX quantifies gamma levels based on options market activity, offering a transparent view of zones where market makers are likely to hedge, influencing price behavior.
* What Was Observed:
* The resistance at $250 aligns with high positive gamma, making it challenging for the price to push higher unless significant buying pressure emerges.
* The bounce from $240 confirms GEX8 as a robust support level, providing confidence to traders to go long at dips.
* Technical Advantage: By incorporating GEX, traders can anticipate areas of increased volatility or stagnation, enhancing decision-making precision.
Trading Plan for Tomorrow:
Scalping Strategy:
1. Entry Points:
* Long Above $247.5: Look for a breakout with strong volume confirmation.
* Short Below $245: If the price fails to hold and breaks below $245, target the $240 support level.
2. Stop-Loss: Set tight stops at $1 above or below entry points to manage risk.
Swing Trading:
1. Bullish Scenario:
* If AAPL closes above $247.5 with volume, target $250 with an extended swing goal near $255.
2. Bearish Scenario:
* A close below $245 opens room for a pullback to $240. A further breakdown could test $235.
Disclaimer:
This analysis is for informational purposes only and should not be construed as financial advice. Always perform your due diligence before making any trading decisions
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.