(Click to see full-size AAPL daily chart, or open in new window to view the post and chart side by side.)
Stuff I’ve highlighted:
MACD-h (green arrow), confluence region of 418ish-420ish area and channel top (green arrow), two trios of daily candles 4/17-4/19 and 6/28-today (circled)
You know, I wasn’t really being serious when I was “daydreaming” on Sunday of a powerful, controlled move that utterly caught AAPL bears off-guard. Wow. Suffice it to say, a 30-point bounce off the lows in three trading days ain’t too shabby. Dare AAPL bulls hope that a double bottom is in? And as a bonus, a higher low?
AAPL has a long way to go, of course, and who knows what’ll happen tomorrow, the rest of the week, etc. You don’t need me of all people telling you that. But here’s some potentially constructive signs in the price action today:
– MACD-h: Strong 3-day bounce has MACD-h on the daily suddenly knocking on the door of a bullish crossover. Considering AAPL hit 388.87 on Friday, that’s pretty impressive.
– The 418ish-420ish resistance level was seriously challenged today. And while AAPL fell off with the rest of the market later in the day (falling off to a little below 414 around 2-3PM EST), AAPL finished at upper levels, and didn’t seem “afraid” of that 418.90 level which turned from support on 5/18 to resistance on 6/21. AAPL also vaulted well over the midpoint of that tinfoil orange channel, and isn’t too far away from that controlling downtrend line. A break above may signal a micro change in composure.
– The lower Bollinger Band (BB) is hooking upwards, ever-so-slightly. I’d like to think that means potential price support amidst the intermediate downtrend, maybe even a sign of upside momentum.
– Also, just for fun, notice the three circled cascading red candles and the three circled green candles representing the most recent action. It’s not “symmetrical” per se but it IS interesting to note how AAPL accelerated downward for a net loss of just about 30 points in mid-April, while AAPL has a net gain of just a bit less than 30 points from the Friday open.
Looking intermediate-term, the bulls (of which I’m currently one) want to see AAPL reclaim the 460-ish level (green line). That’s still quite far away.
Of course, tomorrow isn’t guaranteed to extend AAPL’s 3-day bounce, or even contribute to improved micro composure. But for now, so far, so not bad.