Apple (AAPL), TA for September 24, 2024
Price Action
Current Trend: AAPL is in a mild correction after a recent upward move, as seen in the chart you provided. There was a breakdown from the rising trendline, indicating some selling pressure.
Price Range: The stock is consolidating between the $226 to $233 range. It is currently near the lower end of this range, which could act as immediate support.
Support & Resistance Levels
Immediate Resistance: Around $233, which is where the stock hit a high today before reversing downward. This is also near the 50-day moving average.
Immediate Support: The $226 to $227 level could offer support. If it breaks below $226, further downside toward $220 (a psychological and historical support) is possible.
Strong Support: At $214, a significant level tested earlier in September, could act as a floor if the correction deepens.
Volume & Indicators
Volume: There was increased selling volume during the correction phase today, which could suggest bearish momentum heading into tomorrow.
Momentum Indicators: The Relative Strength Index (RSI) and other momentum indicators are starting to point downward, confirming the potential for more consolidation or slight downside.
Balance of Power: The daily balance of power indicator is negative (around -0.48), meaning sellers have been stronger recently.
Outlook for Tomorrow
Given the break from the ascending trendline, the stock may continue consolidating, possibly testing the $226 support. If buyers regain control around this level, we could see a bounce back toward $230 or $233 resistance. On the flip side, a sustained move below $226 could trigger a test of the next major support near $220.
Suggestion
For Bullish Traders: Look for signs of support at $226-$227. If the price stabilizes and volume decreases, this could provide a solid entry point for a bounce play. Consider targeting $230-$233 as the first upside.
For Bearish Traders: A breakdown below $226 would open up a short opportunity, potentially targeting the $220-$214 zone, especially if accompanied by strong selling volume.
Keep an eye on external factors, like broader market sentiment and macro news, as Apple is heavily influenced by these factors (Barchart.com)(Macroaxis).
Current Trend: AAPL is in a mild correction after a recent upward move, as seen in the chart you provided. There was a breakdown from the rising trendline, indicating some selling pressure.
Price Range: The stock is consolidating between the $226 to $233 range. It is currently near the lower end of this range, which could act as immediate support.
Support & Resistance Levels
Immediate Resistance: Around $233, which is where the stock hit a high today before reversing downward. This is also near the 50-day moving average.
Immediate Support: The $226 to $227 level could offer support. If it breaks below $226, further downside toward $220 (a psychological and historical support) is possible.
Strong Support: At $214, a significant level tested earlier in September, could act as a floor if the correction deepens.
Volume & Indicators
Volume: There was increased selling volume during the correction phase today, which could suggest bearish momentum heading into tomorrow.
Momentum Indicators: The Relative Strength Index (RSI) and other momentum indicators are starting to point downward, confirming the potential for more consolidation or slight downside.
Balance of Power: The daily balance of power indicator is negative (around -0.48), meaning sellers have been stronger recently.
Outlook for Tomorrow
Given the break from the ascending trendline, the stock may continue consolidating, possibly testing the $226 support. If buyers regain control around this level, we could see a bounce back toward $230 or $233 resistance. On the flip side, a sustained move below $226 could trigger a test of the next major support near $220.
Suggestion
For Bullish Traders: Look for signs of support at $226-$227. If the price stabilizes and volume decreases, this could provide a solid entry point for a bounce play. Consider targeting $230-$233 as the first upside.
For Bearish Traders: A breakdown below $226 would open up a short opportunity, potentially targeting the $220-$214 zone, especially if accompanied by strong selling volume.
Keep an eye on external factors, like broader market sentiment and macro news, as Apple is heavily influenced by these factors (Barchart.com)(Macroaxis).
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