Apple- Technical Analysis Is Pointing For A Downward Pressure
AvaTrade | Sep 12, 2013 01:47AM ET
Apple fell from its resistance zone on a 30 minute time frame. This resistance zone does have significant importance as there was a huge imbalance in the price and hence it fell sharply with a gap down from this zone. Apple is also trading in a bearish wedge pattern which by the yellow lines and its shows that the price may break this wedge to the downside, as there is more consolidation of price near the bottom line of this wedge. Moreover, the price has already broken the upward trend line, which further confirms that the bias could be to the downside.
The RSI is also trading in line with the price action which means that the downward pressure may continue however, it is important to note that the RSI could soon be pushed in an oversold territory which would then have a potential to reverse the trend.
Important zone
Resistance Zone
595-586 Major
556-546 Major
526-514 Minor
Support Zone
457-449 Minor
418-409 Major
395-384 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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