APPLE to test intermediate term resistance

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Apple has been rising from early March, trying to reverse the downward trend that has been dominant from the past October. Our members received a tweet regarding this stock on March 12th as follows:

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Prices where showing signs of a trend reversal that would at least test the trend at 435$. Our members where informed that as far as the green line was holding, prices would follow the bullish scenario. Our system signals based on daily closing prices had also been giving us positive signs. Once the at the 435$ area was broken, our view was confirmed.

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Prices now are in the overbought zone and reaching an intermediate term resistance. The 460$-470$ area is of great importance for bulls. Managing to close above this level would strengthen the bullish view. We favor closing our long positions or at least taking some profits at these levels.

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The downward sloping blue trend line is an important resistance that could push prices lower towards 445$. I don’t believe this line will be broken with the first attempt. Therefore, although this upward move seemed strong, I think it will pause at this area. More help trading this equity will be found in our members updates. Thank you for taking the time to catch up on my thinking.

A chart used in technical analysis that shows support and resistance, and momentum and trend directions for a security or investment. It is designed to provide relevant information at a glance using moving averages (tenkan-sen and kijun-sen) to show bullish and bearish crossover points. The "clouds" (kumo, in Japanese) are formed between spans of the average of the tenkan-sen and kijun-sen plotted six months ahead (senkou span B), and of the midpoint of the 52-week high and low (senkou span B) plotted six months ahead.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.