Apple Reversal from Support or Sell on Rise ?
Updated
Hello Trading community and my friends so here i brought another very simple analysis on the basis of price action analysis and trend included some key levels too in it for mine favorite one and it is Apple!!
So as we can see on this provided daily time frame chart that after making mentioned previous all time high nearby 198 levels all the way price came down to 167 levels took support and bounced back very strongly from there and punched a new all time high after and formed a double top too, so the logic of 167 levels here in this idea is very important because this level worked as resistance earlier and turned after support according to the support and resistance theory and in yesterday's session price formed a bullish 4.33% closure candle after touching that support levels day before yesterday. But overall trend seems negative as price forming lower highs and lower lows too which is not giving buying intact so yet.
And now let's quickly talk about the coming possibilities in Apple share according to above observation basis, So as we can see that price formed a bullish candle yesterday and moving towards to it's previous lower high and i believe that bears want to take advantage at that spot and we can see selling pressure too maybe included some profit bookings too for those who entered yesterday. So if price can maintain bullish strength after this significant bounce and able to break that lower high resistance and close above (178 levels) then we can see above marked lower highs as a targets in coming session and if price will rejected from there then we can that price can reach to support again and if not respected support levels then 156 levels can also arrive in coming session.
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste 🙏
So as we can see on this provided daily time frame chart that after making mentioned previous all time high nearby 198 levels all the way price came down to 167 levels took support and bounced back very strongly from there and punched a new all time high after and formed a double top too, so the logic of 167 levels here in this idea is very important because this level worked as resistance earlier and turned after support according to the support and resistance theory and in yesterday's session price formed a bullish 4.33% closure candle after touching that support levels day before yesterday. But overall trend seems negative as price forming lower highs and lower lows too which is not giving buying intact so yet.
And now let's quickly talk about the coming possibilities in Apple share according to above observation basis, So as we can see that price formed a bullish candle yesterday and moving towards to it's previous lower high and i believe that bears want to take advantage at that spot and we can see selling pressure too maybe included some profit bookings too for those who entered yesterday. So if price can maintain bullish strength after this significant bounce and able to break that lower high resistance and close above (178 levels) then we can see above marked lower highs as a targets in coming session and if price will rejected from there then we can that price can reach to support again and if not respected support levels then 156 levels can also arrive in coming session.
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste 🙏
Note
Rejection from trendline- So far price rejected from the marked trendline exactly let's see price will able to break or not after the bullish move yesterday, Although current situations are also not very much appropriate for a breakoutNote
After the proper & exact rejection from drop base drop demand zone which acted as resistance according to shared view description and in published image now price breaking last session's low and trading below so if it will close below that we can see 167 levels again as per shared view. Thanks for reading and supporting my idea matesNote
Target 167 Arrived---Price reached to 167 from drop base demand zone of 178 it was cut of 6% from there and once again giving significance to that 167 levels as per mentioned in idea description, So now from here i will for that where price will break 167 or 178 area first, If price will bounce from here or again rejected from 178 levels this idea will closed and will wait for a proper confirmation for a fresh trade entry on any of side so far taking all gains by it . But according to price action so far after this idea that it was sell on rise. Thanks for reading and supporting my publication mates.Trade closed: target reached
Two lower highs targets achived as per mentioned in idea so closing this idea completely, Seems a new trading opportunities in Apple will publish a new one. Thanks for reading and supporting my idea mates
Related publications
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.