The Broader Market May be in Apple's Hands 🍎 | APPLE ($APPL)
🍎 Our last Apple chart played out like clockwork, now it is time to see what happens next.
Apple is generally highly correlated with the broader market. Luckily for the broader market Apple stores reopening and hype about the iPhone 12 may just be enough to push Apple up past resistance. Plus, although it began to decline yesterday, the relatively high short volume ratio doesn't hurt either (as those trying to short the top could be squeezed on a move up; perhaps this weekend).
Right now we are sort of at the mother of all resistances for Apple, we are right back at the all-time-high seen before the COVID crash. Our goal here is simple, to show the last resistance level on the chart and otherwise to map out support levels that will only come into play if Apple can't break resistance or if it comes back down later.
Directly above us we have the R1 orderblock + S/R flip cluster which includes the previous all-time-high for Apple. If we break this and get bullish continuation, then this level becomes potential support to retest before continuing higher after.
Below us we have a number of key levels, these include S1 which may act as a local support before moving higher. Then we have the S2 range created from a gap and orderblock. If those levels don't hold we do have support at S3 - S5 as well, although a move here implies a bearish path for Apple and almost certainly the broader market.
Resource: cnbc.com/2018/05/01/heres-how-important-apple-is-to-the-whole-stock-market-as-its-earnings-report-nears.html + 9to5mac.com/2020/05/28/half-of-all-apple-retail-stores-reopen/ + forbes.com/sites/ewanspence/2020/05/27/apple-iphone-12-iphone-12-max-oled-display-samsung-fights-lg/ + fintel.io/ss/us/aapl
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Apple is generally highly correlated with the broader market. Luckily for the broader market Apple stores reopening and hype about the iPhone 12 may just be enough to push Apple up past resistance. Plus, although it began to decline yesterday, the relatively high short volume ratio doesn't hurt either (as those trying to short the top could be squeezed on a move up; perhaps this weekend).
Right now we are sort of at the mother of all resistances for Apple, we are right back at the all-time-high seen before the COVID crash. Our goal here is simple, to show the last resistance level on the chart and otherwise to map out support levels that will only come into play if Apple can't break resistance or if it comes back down later.
Directly above us we have the R1 orderblock + S/R flip cluster which includes the previous all-time-high for Apple. If we break this and get bullish continuation, then this level becomes potential support to retest before continuing higher after.
Below us we have a number of key levels, these include S1 which may act as a local support before moving higher. Then we have the S2 range created from a gap and orderblock. If those levels don't hold we do have support at S3 - S5 as well, although a move here implies a bearish path for Apple and almost certainly the broader market.
Resource: cnbc.com/2018/05/01/heres-how-important-apple-is-to-the-whole-stock-market-as-its-earnings-report-nears.html + 9to5mac.com/2020/05/28/half-of-all-apple-retail-stores-reopen/ + forbes.com/sites/ewanspence/2020/05/27/apple-iphone-12-iphone-12-max-oled-display-samsung-fights-lg/ + fintel.io/ss/us/aapl
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
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