Recent key movements
- MA5 crossed below MA20 on 3 Aug, tested lower BB and crossed above MA20 29 Aug, tested the upper BB. Back down below MA20 but not tested BB yet.
- Bullish buys around Fib 38.2 level at 178 and also triangle support at 175
Possible Bearish movement (more likely)
- Reading a buy push to MA20 (180) before rejecting down to the lower BB and MA20 at 165 (MA200 purple and also Fib level)
- More likely movement in conjunction with S&P500 setup with possible bearish move below 430
Possible Bullish Movement (less likely)
- Break MA20 (180) and then test triangle and break MA50 at about 184/185, rejecting at upper BB at 190
My plays
- Still on manual strangles with sold puts 140 and 145
- If breaks above or testing MA20, might consider selling calls for upper strangle
- Either way, will sell more puts when it breaks to 165 as good support at 165 and 155
Apple Daily Chart - 24 Sept 2023
@LMSunshine @TigerStars @macroB @CaptainTiger @Deposit @CaptainTiger
Comments
We're likely in for another leg down:Price bounced off key support at $173 multiple times, however bars getting smaller at each bounce
Apple might not be the growth stock it once was but it's still a good stock to own. I like its consistency with very few surprises and not much risk.
Yep. I don't recommend opening any new positions until market conditions improve.