AAPL rose sharply and broke throughAAPL rose sharply and broke through
This chart shows the weekly candle chart of Apple stock for the past 4 years. The graph overlays the bottom to top golden section at the beginning of 2020. As shown in the figure, after rebounding to a small peak in January 2022, Apple's stock broke out of the enlarged triangle consolidation pattern. After stepping back on the 0.809 level of the golden section in January this year, it rose sharply and broke through the highest point in 2022, reaching around the 1.618 level of the golden section in the figure! The next strong pressure level is at the golden section of 2.000 in the figure!
Aapltradinganalysis
AAPL short position before new ATHThe price is approaching previous all time high where we should see some resistance and profit taking.
It's an area where we can speculate on a short position with a stop loss.
The price has already broke above the upsloping resistance line, so we expect the price to go into discovery mode, however before it's happens we expect that the previous resistance will be back tested and confirmed as a support,which would be our target for a short position.
Once the support is confirmed you can flip bullish.