50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Apple Ready For A Breakout?

Published 03/31/2016, 12:30 PM
Updated 07/09/2023, 06:31 AM
AAPL
-

Previous Article: "Apple Sellers' Target & Buyers' Hope"

Resistance to Overcome (Daily)


Currently Apple (NASDAQ:AAPL) is sitting just below this falling-downtrend resistance.

This is prominent level of resistance for the fact that it has been acting as strong resistance since July of 2015; also, as long as the stock is below this level, the intermediate term sentiment is bearish with lower-highs in place.

If the buyers wants to see more confidence from the investors and traders on Apple, we must conquer above this level with volume to nullify this downtrend resistance.

If we can able to clear above this resistance (and stay above it), I do think $120ish is very possible. But opposite is also true that if we get rejected at this level, $100ish will be next level of support to watch. AAPL Daily Chart with Volume

Bullish Candles (Monthly)


When it comes to the Candles, location is everything.

For the fact that we have formed (this month is ending today so that current monthly-candle is solidified) a Morning Star reversal candle on a prior resistance ("old resistance") level (which could turn into a "new support" level), it heightens the legit-ability of that pattern.

If we see a follow through (to the upside) candle by the end of April, that Morning Star reversal candle will be confirmed. AAPL Monthly Chart with Volume

Bullish Signal (Monthly)


This is our proprietary indicator specifically reconfigured/designed to call major tops and bottoms.

As we compare the sentiment from the 2013 price-action, you can see how we are starting to bounce right on that "support" level this year.

I think this signal is that much more significant for the fact that we have formed Morning Star candle patterns on top of this signal. AAPL Monthly Chart with the Indicator

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.