Apple is at support level at 155. This Level is a demand zone as well. Earlier, the fell off was in a downtrend with a lower low and lower high. These downtrend needs to be corrected or reversed in a hindsight. That being said, we are looking to a corrective move towards the 170 which is also a 10% move. This support has also formed a double bottom. This double bottom has the tendency to work out towards a bullish correction.

The bullish penant is being formed with a resistant and support trendlines. The bullish breakout buy is due after the resistance trendline is broken out. This will add to another confirmation for the buys. This trendline should be breached with the bullish pressure from the support.

The golden retracement area is a minor one with the 75-78.6% being in confluence with the support. This is an ideal are for us to go long.

Both the EMA 50 and 200 are in a bearish trend with a bearish death cross. This death cross is build up for the bearish move. After the breakout sell, we were unable to see a retest of the EMA. This EMA needs to be retested and therefore, the area we are targeting for our bullish corrective move. 

Both the oscillators are closely below the neutralized levels. These levels are 45:-90 respectively. Bullish divergence has also been formed with the divergence being seen on the price action as well. This divergence at the support level is an added factor for the bull momentum to push the price up.

Looking to buy Apple

May 04 2022

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