With only 2 trading days left in July, Apple is hinting at upside in the latter half of 2016. The monthly chart cuts out the noise and shows a clean big picture view. Price has recently come back to retest the swing highs set back in September 2012. In addition to this, $90 has acted as a floor in the market once in August 2015 and is also the 50% retracement from the recent bullish leg. Another layer of confluence is the weekly 50 moving average which has been respected as support for the last 6 months. If this monthly candle can close over $104.16 in two days time, Apple will begin to look like a quality buy. Targets at $150 and 180
Kommentera:
Apple managed to close July 2016 at $104.21 claiming the 38.2% retracement level suggesting bullish price action for the latter half of the 2016 trading year. We will be watching the daily and weekly charts for trade opportunities