Corey Rosenbloom: Apple Inc. (NASDAQ:AAPL) shares face a critical support bounce challenge – a key opportunity for traders – at the $92.00 level.
Let’s focus on this level and plan a trade on the departure from this immediate level.
We’ll start with the Daily Chart:
Apple (AAPL) rallied on positive divergences “up away from” the $92.50 level in February 2016.
Price rallied all the way back to the falling 200 day SMA (red) above $110.00 per share.
From there, a negative momentum and volume divergent preceded a reversal back to the downside as the downtrend continued.
Now, Apple traders face a similar “Will it Bounce or Will it Break” simple trading plan once again at $92.50.
I’d prefer to see a postive divergence or more sideways action develop at this level before trading bullishly.
Nevertheless, compare February 2016 to May 2016 for a similar trading opportunity and plan.
We can pull the perspective back to the Weekly Chart for a Bullish Bounce AND a Bearish Breakdown Plan:
A large-scale Fibonacci Retracement Grid reveals our key reference level near $95.00 per share.
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