Apple
Apple in Historically Bullish Pattern for Bullish EOY RallyApple has been getting killed in recent trading days. Thursday going -5% and Friday -3%. In total, just this week Apple has declined roughly ten percent and evaporated roughly $200billion in value. Luckily, the selling is seemingly at its relative lowest as can be seen with the RSI divergence from its 50 day RSI to its 200 day. Shorter Duration RSI moving far ahead of the longer duration implies a very heavy move from the relative averages in recent trading days and suggests that sellers can be over-extended. This also leads us to the VIX which has greatly increased in value this week. Historically when the RSI divergence is to such a great depth with the VIX above thirty, this has led to significant gains in the following months (on average +40% in the following 6months.)
From a fundemental perspective: Iphone 14 is sold out everywhere. I can't get my hands on one. BOFA citing weaker consumer demand doesn't respect the cult like nature of apple users.
This is a buying opportunity in my book.
Short Term Bottom. Bond DivergenceGet ready for a short term reversal!
Bonds making higher lows while equities make lower lows has been a tell tale sign of a short term bottom so far this year.
As long as we see some follow through early next week, we should get a bounce lasting for at least a week.
apple google msft amazon tesla all added together spell troublethe large mega caps that everyone know make up a large part of our economy. Rates are rising, GDP is falling, and europe trouble. Oh ya and by the way, PEs are still higher than historical averages. Let me repeat, stocks are still pricing in big growth for next year. When the momentum buyer bail out, the value buyers step in. Only problem is that the value buyers are stingy and want deals.
$AAPL | More Pain Upcoming 🍎Given the market conditions, economic headwinds, and tech as a whole as well as the break below the previous support area all spells a consistent & continuous downward trend. We also gapped down today from gapping up yesterday. Amazing. Take also in consideration that RSI levels still have room to move. I suspect a bounce off the lower Bollinger Band and then a major rejection off the trendline. Long term we will continue this down trend and the next place we land potentially could be the $140 area.
AAPL outbreak Apple has now approached the wave 1 target area and is below the 0.618 retracement of wave (i). A turning point at $139.29 (0.786 retracement) is most likely. There, AAPL should complete wave (ii) and see values from $213.74 to $231.35 in wave (iii). So it looks very bullish for the largest company in the world and price increases of up to 50% could be possible.
Feel free to write me your thoughts on Apple!
AAPLE -50% of June rally lost. Will it recover on the 2019 fractApple (AAPL) has fallen more than -17% from the mid-August High, losing more than half of the gains made on the June 16 rally. Right now it is exactly on the 0.5 Fibonacci retracement level on that High-Low sequence and on top of that a Golden Cross pattern is emerging (when the 1D MA50 (blue trend-line) crosses above the 1D MA200 (orange trend-line)).
We have explicitly outlined this potential fall to the 0.5 Fib if the price got rejected on the Lower Highs trend-line from the All Time High, on our August 17 idea:
As you see the timing couldn't be better as those where the days that the top was formed and the price got rejected. The last time we saw a similar pattern was on the June 03 2019 test of the 0.5 Fib. That was also caused by a rejection near the 2018 Lower Highs but the Golden Cross was formed a little earlier. After a marginal breach of the 0.5 Fib (such as the one we had yesterday), Apple resumed the uptrend and the recovery path.
See also the similarities on the RSI (1W time-frame), though this time it got rejected slightly below the Resistance level it did back in May 2019. This may possibly mean that we can see a rebound slightly higher than the symmetrical Support level. Another closing below it though can initiate an aggressive sell-off towards June's lows. In our view it is critical to see the Golden Cross forming, which should encourage buyers to accumulate.
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Non-US Major currencies recovered after major lossesEUR/USD 🔼
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
XAU 🔼
WTI 🔼
The decline among major currencies was replaced by a rapid rally yesterday, EUR/USD closed at 0.9734 with a high of 0.9745, and AUD/USD was last traded at 0.6522. As the Bank of England announced a purchase program for long-dated bonds, the British Pound / Dollar pair had the most notable gains. The currency pair bounced back from 1.0557, peaking at 1.0900, and closed at 1.0888.
USD/CAD had lost over 110 pips while slumping to 1.3605. Later tonight, Statistics Canada will provide its GDP data, where investors expected a 0.1% decline. In addition, the US will also update its GDP and Initial Jobless Claims readings this evening.
Commodities also enjoyed a recovery run, gold price rose to $1,662.1 and closed at $1,660.01 an ounce. WTI oil futures went above $80 to $82.15 a barrel, due to a decrease in crude oil inventories by 215,000 barrels.
As the greenback retreats, US stocks and indices reclaimed lost territory. S&P 500 reached a high of 3,734.88, Dow Jones met resistance at 29,800, and Nasdaq 100 was highest at 11,540.98. Apple saw its stock prices fall to 146, currently at 149.84 - due to its decision to hold back production boosts for its latest iPhone 14.
More information on Mitrade website.
✅APPLE BEARISH BIAS|SHORT🔥
✅APPLE is trading in a downtrend
In a falling channel
Along the falling resistance line
Which makes me bearish biased
And the pair will soon retest the resistance
Thus, a pullback and a move down are expected
With the target of retesting the level below
SHORT🔥
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