This week has been all about Apple. It jumped on Monday amid iPhone 12 optimism, hit a wall and has been consolidating since.
This brings up an important level on multiple time frames.
First, on the weekly chart, AAPL’s high the week ended September 11 was $120.50. Monday’s rally broke above it and today’s pullback revisited it. This level could be very important. Will old resistance become new support?
Second, on the daily chart, AAPL is holding above moving averages like the 21-day exponential (EMA) and 50-day simple (SMA). These lines are unusually close to each other, which creates the potential for a bullish expansion. Look back to August-September 2019 for a similar pattern:
Third, the hourly chart shows AAPL opening below $119 but quickly rebounding. If it manages to claw back above the $120.50 weekly line, it could be a false breakdown. (Also potentially bullish.)
Earnings are due in exactly two weeks. Coming sessions will likely bring increased chatter and potential early readings of interest in the new iPhone.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
This brings up an important level on multiple time frames.
First, on the weekly chart, AAPL’s high the week ended September 11 was $120.50. Monday’s rally broke above it and today’s pullback revisited it. This level could be very important. Will old resistance become new support?
Second, on the daily chart, AAPL is holding above moving averages like the 21-day exponential (EMA) and 50-day simple (SMA). These lines are unusually close to each other, which creates the potential for a bullish expansion. Look back to August-September 2019 for a similar pattern:
Third, the hourly chart shows AAPL opening below $119 but quickly rebounding. If it manages to claw back above the $120.50 weekly line, it could be a false breakdown. (Also potentially bullish.)
Earnings are due in exactly two weeks. Coming sessions will likely bring increased chatter and potential early readings of interest in the new iPhone.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
