Apple defines the S&P500 and both are showing similar signs indeed; Possible up to test resistance and then fall to another low!
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
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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.
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I would probably enter a trade into this dip. Somewhere around 169-165 (164.72?) should catch some kind of short term bounce to at least 182.
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?
Man, apple is killing the stock thing Keep it up It's hard, to bring a good company down. smh
Niceeeeeeee
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