Hello everyone this is my idea for apple on daily time frame ..
Before we start few things to keep in mind ..
Apple has two uptrend .. original and new uptrend which started in Covid-19 as you can see in the chart
Between OCT until DEC apple has broken the new uptrend ( covid-19 )
and price remain below the support ( green line ) price tried to get above support but couldn't sustain above it
Now we try to figure what is price trying to do ..
We have orange line which was acting as a strong resistance and price broke this line and it became strong support
However green line remain strong resistance and price can't seem to break above ..
though what i would like to see if price to fill the gap below and retest the previous uptrend channel .. for nice long
Now we try to make a plan on how to trade apple ..
As a buyer you want orange line to hold ( no daily candle close below ) and target green line and if daily candle close
above green line price will make a new high as long green line hold ( no daily candle close below )
As a seller we sell from green line to target orange line as long green line hold as resistance ( no daily candle close above )
we sell if price close below orange line to target gap below and previous channel ( no daily candle close above orange line )
for any question feel free to ask :)
Before we start few things to keep in mind ..
Apple has two uptrend .. original and new uptrend which started in Covid-19 as you can see in the chart
Between OCT until DEC apple has broken the new uptrend ( covid-19 )
and price remain below the support ( green line ) price tried to get above support but couldn't sustain above it
Now we try to figure what is price trying to do ..
We have orange line which was acting as a strong resistance and price broke this line and it became strong support
However green line remain strong resistance and price can't seem to break above ..
though what i would like to see if price to fill the gap below and retest the previous uptrend channel .. for nice long
Now we try to make a plan on how to trade apple ..
As a buyer you want orange line to hold ( no daily candle close below ) and target green line and if daily candle close
above green line price will make a new high as long green line hold ( no daily candle close below )
As a seller we sell from green line to target orange line as long green line hold as resistance ( no daily candle close above )
we sell if price close below orange line to target gap below and previous channel ( no daily candle close above orange line )
for any question feel free to ask :)
Orange line is showing rejection again ..
but we remain in no man land ..
and plan remain the same buy from orange line target green line ..
sell from green line target orange line
We could form a Dimond pattern .. way things are looking
good luck