APPLE Daily Technicals - From Apple Fever to Euphoria Phase ? $AAPL #aapl
September 3 ( From TradingView )
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The past few sessions have been the Apple Fever story just before the
SE ( Special Event ) due September 9.
But now, with that run up, we are getting near the Euphoria Phase as the
daily and weekly channel have been broken ( see charts below ).
In my special research of the week end on that ( APPLE Volatility Technicals
- High Expectations Already ? ), I say that this year, the expectations
already priced into the RV ( Realtive Volatility ) is at his highest compare to
the previous three years.
Now, three main factors are still driving the price of Apple Shares: SE Rumours, bullish Counter Trend Behavior and bearish Correlation Risks. That tells me that volatility will increase.
We are within a new uptrend channel ( overlap ) with $103.42 as support and $105.26 as resistance.
Also, we have an uptrend channel with $101.65 as support and $103.56 as resistance.
We need a daily close above the 103.42 level for that Euphoria Phase to continue.
We need a daily close above the 101.65 level for that Bullish Trend to continue. Unless, we will be back in a correction mode IF that level is broken.
I expect volatility picking up a lot getting near SE.
Relative Volatility fell ( with stronger prices - a bad mix - see 4rth chart below ) and Counter Trend is bullish for Apple Shares and finally, Correlation are back into the critical phase ( from 0.55 to 0.52 ).
Those risks factors are neutral compare to the last few sessions.
Now back to technicals:
We are still within an uptrend channel that started on August 19 with $101.65 as support and $103.56 as resistance.
Also, we are within a new uptrend channel ( overlap ) that started on August 27 with $103.42 as support and $105.26 as resistance.
We have on a weekly basis, an uptrend channel that started on the week of June 23 with $95.70 as support and $102.73 as resistance ( broken on August 28 ). See 2nd chart below.
Starting to trade below $101.65 will mean to me extreme technical weakness...
Starting to trade AND stay above $103.56 will mean to me technical strenght...
The ride will be an above average volatility pattern kind of price action.
Starting to trade and/or a daily close above $103.56 will give us another bullish impulse scenario and direct go towards $104.10
max $104.51 for now in the next few sessions.
Need to stay above on a daily close $101.65 to iAm in a Bullish Mode...
A daily close below $103.56 but above $101.65 will mean for me that we are into a Bullish pattern trade scenario for a few sessions
A daily close below $101.65 will mean for me that we are back into a correction phase and another gap down towards
$100.70 max $99.32.
Apple shares outperformed the SP500 on September 2 (see 3rd chart chart below).
Expect a day trading range between $103.00 - $104.10 with average volatility.
Support : $103.42 and $102.72 Resistance : $104.10 and $104.51
RATIO AAPL Stock over SPX ( Blue Line )
SP500 Index ( Candles )
AAPL Stock Price Daily ( Daily Candle Chart )
AAPL Relative Volatility ( Candle Chart )
7 DMA ( Yellow Line )
AAPL Stock Price Daily ( Weekly Candle Chart )