APPLE (AAPL) – [ Is The Upside Returning? ]

Image source: apple.com

Apple (AAPL) needs no introduction as most of us will probably own one of apple’s product or a huge fan of it. Once you’re in their eco system, its going to be tough to get out of it. That is why although Apple doesn’t have a wide economic moat, it has a very strong loyalty base.

Lets take a look at the chart of Apple and see if the recent pullback presents a trading opportunity. And if the uptrend is resuming.

Chart Source: Poems2.c0 18th Oct 2021

Apple is currently under the 50ema but above the 20ema. If apple manages to break above this resistance of around $144.84 which is also the horizontal resistance, a confluence of resistance. A good clean break and staying above this resistance might see it move higher. Watch out for the volume too, our analysis of the US market could shed some light too.

Our next upside resistance is around $151 then $157. Downside support at$139 and $134.

Watch it closely.

Yours

Humbly

Kelwin&Roy

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