Corey Rosenbloom: Cutting to the point, Apple shares (NASDAQ:AAPL) either support-bounce and rally up away from the $93.50 level or else we see another collapse and breakdown lower.
Either way, whether or not you’re trading Apple for fun or profit, focus your attention on what happens here:
Our “Price Only” Chart shows the downtrend (lower lows and lower highs) in motion from the early 2015 peak.
Price trended down away from the $130.00 level toward the current $95.00 per share pivot over the last year.
We’re at a similar point as we saw in December with price retesting a prior support low ($110.00) after a downswing and retracement bounce higher off support.
Ultimately price failed to hold support, breaking powerfully lower under $110.00 for a collapse move toward $95.00 in January 2016.
A similar upward retracement took price above $110.00 – the prior pivot – and the recent April sell-swing pushed price straight down to where we are now at the $94.00 critical pivot.
Officially the $93.50 level will be the focal point for traders as we plan for a “Bounce or Break” outcome.
Our trades – and open position management – should be based on what happens here.
The Bullish Thesis calls for a rally at least back toward $100 for a short-term trading opportunity.
However, any future breakdown to fresh new 52-Week Lows suggests another liquidation (sell) swing even lower.
While the plan is clearer on the “Price Only” chart, if you’d like a bit more strategy, we have our Indicator Chart:
This time we can see Momentum, Volume, and the Moving Averages that correspond with our Price Trend.
While we’ve added indicators, the logic is the same.
Volume and Momentum suggest a future potential breakdown under $92.50/$93.50 per share.
(…)Click here to continue reading the original ETFDailyNews.com article: Apple Inc. (AAPL): A Bounce or Another Collapse Coming?
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
Related posts:
- Deutsche Bank AG (USA)(DB) Dead-Cat-Bounce Dies As Bund Yields Collapse Near Record Lows
- Apple Inc. (AAPL): The Stock Triggers Another Sell Signal
- Peter Schiff Warns: The Whole Economy Has Imploded; Collapse Is Coming
- Apple Inc. (AAPL): Bullish Breakout Brewing For The Stock?
- Apple Inc. (AAPL): Can Wal-Mart Stores, Inc. Pay Fend Off Apple Pay?
Powered by WPeMatico