Apple looking vulnerable ahead of new products launch in Sep
Kelvin Wong August 28, 2019 5:02 AM
Apple may see a further down move to break below ascending support from 03 Jan 2019 low.
Apple Inc (AAPL)
click to enlarge charts
Key Levels (1 to 3 weeks)
Intermediate resistance: 208.50
Pivot (key resistance): 218.65
Supports: 190.90 & 170.27
Next resistance: 233.47
Directional Bias (1 to 3 weeks)
Bearish bias below 218.65 key medium-term pivotal resistance for a potential push down to test the 190.90 ascending support in place since 03 Jan 2019 low. A break below it reinforces a further down move to target the next support at 170.27 (03 Jan 2019 swing & 61.8% retracement of the up move from 03 Jan low to 31 Jul 2019 high).
However, a clearance with a daily close above 218.65 invalidates the bearish scenario for a squeeze up to retest the 233.47 current all-time high level printed on 03 Oct 2018
- Since its 03 Oct 2018 all-time high of 233.47, AAPL has been evolving into a “triangle-liked” range configuration with the upper limit of the range at 218.65.
- The daily RSI oscillator remains negative below a corresponding resistance at the 60 level which suggests the lack of medium-term upside momentum revival.
- Recent price action has broken down below a short-term “bearish flag” configuration from 05 Aug 2019 low, retested its former range support on Mon, 26 Aug and retreated yesterday, 27 Aug coupled with a daily bearish candlestick at the end of the U.S. session.
- Relative strength analysis suggests underperformance of Apple against its sector (Technology).
Charts are from eSignal
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.