Having a $2 trillion dollar company has its own benefits in regards to trading its stock. Apple, is one of the heavy lifts of blue chips. Considerably it has had turmoil in a pull back. Recent launch of Iphone 13 will push the market up depending on its sales revenue. With technical analysis, we will evaluate the H4.

Apple is still in a bullish trend. Market tapped the support level at 144 and started moving up again. The bullish engulfing candles represent the bullish momentum gaining again. Technically, the support was our buy position, which has been missed. We will again buy once the market falls back on the support level.

There is only one descending trendline for breakout buys, which has been pierced. After the breakout buys, market tends to retrace to fulfill its left orders. Now, we will wait for the retracement again after the trendline breakout buy.

The 75-78.6% retracement level is in confluence with the support level. This golden area also implicates the trendline breakout buys. If the market falls till this level and halts, its our queue to go in long position.

Apple stock has been hovering above the EMA 50 and below the EMA 200. After the breakout of the EMA 50, market continued being bullish. Right now, EMA 50 was retested the second time after the breakout. This retest took place at the support level, hence the confluence of factors formed. The EMA 200 is above the current market and can be considered as a profit target.

RSI and CCI, both are moving back towards the over-sold regions after a tap on the neutralized levels. Once they cross their neutralized levels and the H4 candle sustains the bullish pressure, we will have an addition to our overall analysis for longs. If this doesn’t happen, we will see over-sold conditions for the market at the support level.

Apple in a bullish impulse

Sep 27 2021

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