AAPL: Pay attention to this Multi Resistance level!
• AAPL is stabilizing, and now it seems it wants to bounce. This is expected, since it dropped sharply recently;
• Since it lost our previous support at $134 (which I mentioned in our last study – link below this post), I was expecting that AAPL would seek the $128, the next support level, but the bears could only take it to the 129s;
• Although this is a bottom sign, the bias is still bearish in the daily chart. The strongest resistance on AAPL, in my view, is the $140 area;
• The $140 worked as a support level on Nov 29 – 30 and Dec 07. The 21 ema is at $140 as well. In addition, the $140 is the 38.2% retracement;
• Only if AAPL breaks this key resistance area it would truly reverse this bearish sentiment;
• For now, AAPL is doing a bottom sign. If it closes above the $134 (red line, previous bottom), it’ll be perfect, as the $134 is supposed to work as a secondary resistance in the short-term. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• Since it lost our previous support at $134 (which I mentioned in our last study – link below this post), I was expecting that AAPL would seek the $128, the next support level, but the bears could only take it to the 129s;
• Although this is a bottom sign, the bias is still bearish in the daily chart. The strongest resistance on AAPL, in my view, is the $140 area;
• The $140 worked as a support level on Nov 29 – 30 and Dec 07. The 21 ema is at $140 as well. In addition, the $140 is the 38.2% retracement;
• Only if AAPL breaks this key resistance area it would truly reverse this bearish sentiment;
• For now, AAPL is doing a bottom sign. If it closes above the $134 (red line, previous bottom), it’ll be perfect, as the $134 is supposed to work as a secondary resistance in the short-term. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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