Apple IncLong
Apple (AAPL) Rebounds from Familiar Weekly Support
The sell-off in AAPL shares was well-documented last week. So, it would be remiss not to touch on AAPL this week and where the market is regarding chart structure.
Unless you’ve been hiding under a rock, you’ll have heard of the reports that the Chinese government may ban government employees from bringing their iPhones to work with them. While there has not been an official release from the government relating to the reports, investors were alarmed in recent trading, with the stock plunging --3.6% on Wednesday, followed by a gap lower on Thursday and closing the day down nearly -3.0%. The week ended -6.0% lower and snapped a two-week bullish phase.
The sell-off dragged the share price of AAPL to support at $174.03 on the weekly scale, which provided a technical floor for buyers to work with in the second half of last week. With the weekly timeframe’s Relative Strength Index (RSI) maintaining position north of the 50.00 centreline (positive momentum), $174.03 could remain in play this week. Nevertheless, in the event of a breach lower in the coming weeks, weekly support calls for attention at $164.27.
Elsewhere, on the H1 timeframe, we can see that the week ended with the stock retesting short-term support from $177.83 after partially filling Thursday’s downside gap (window). We could, therefore, see buyers emerge at $177.83 in early trading this week, targeting the upper edge of the gap around $181.54, with a break north of here throwing light on resistance as far north as $189.49. Notably, a push higher aligns with not only the weekly timeframe’s uptrend but also last week’s rebound from weekly support ($174.03).
Unless you’ve been hiding under a rock, you’ll have heard of the reports that the Chinese government may ban government employees from bringing their iPhones to work with them. While there has not been an official release from the government relating to the reports, investors were alarmed in recent trading, with the stock plunging --3.6% on Wednesday, followed by a gap lower on Thursday and closing the day down nearly -3.0%. The week ended -6.0% lower and snapped a two-week bullish phase.
The sell-off dragged the share price of AAPL to support at $174.03 on the weekly scale, which provided a technical floor for buyers to work with in the second half of last week. With the weekly timeframe’s Relative Strength Index (RSI) maintaining position north of the 50.00 centreline (positive momentum), $174.03 could remain in play this week. Nevertheless, in the event of a breach lower in the coming weeks, weekly support calls for attention at $164.27.
Elsewhere, on the H1 timeframe, we can see that the week ended with the stock retesting short-term support from $177.83 after partially filling Thursday’s downside gap (window). We could, therefore, see buyers emerge at $177.83 in early trading this week, targeting the upper edge of the gap around $181.54, with a break north of here throwing light on resistance as far north as $189.49. Notably, a push higher aligns with not only the weekly timeframe’s uptrend but also last week’s rebound from weekly support ($174.03).
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