FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

August 7 Chart of the Day - Apple

We don't predict tops or bottoms nor do we try to trade them.

But now that the Apple (AAPL) chart has "showed its hand" so to speak as to where its all time high actually is (for now) we can begin to take a look for potential tradable levels of interest because there is "two-sided" price action from a technical analysis perspective.

Additionally, we're only looking at the higher time frame charts for monthly and weekly because we believe this provides the best viewpoint to determine directional assessment.  Plus, we don't typically trade Apple intraday or even intra-week unless its around an earnings statement.

When any chart moves in a fashion similar to this, a common price behavior can be a classic "break and retest" of previous structure.  Nothing is ever guaranteed in the markets but it does appear that this chart could be in process of doing that.

What level could it be retesting?  Nobody knows for sure and often times it can be a "zone" or area that it retests.

With that in mind we've identified some levels, zones, and areas on the monthly and weekly chart.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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