Apple was not able to break below its $142.54 level of Support on 8/19. Buyers came in to take a bite of the apple and were able to take it higher last week. Last week on Thurs 8/26 the sellers came in to push the market lower but the force of the buyers was bigger and on Friday they stepped in once again not allowing Apple to test its newly developed level of Support at $144.50. IF Apple is able to close above $150.86 then it should continue its upward momentum towards its weekly/240min level of confluence between $154-$156. Market conditions change and one should not ignore the evidence of changing circumstances, therefore IF apple is unwilling to close above $150.86 but rather closes below $144.51 then Apple should come back lower to its previous level of imbalance where a level of demand is now waiting around $137.50. I am bullish and the evidence points out to apple making a new ATH and stalling around $154-$156, but if the evidence changes one must adapt to the market and follow the counterpart scenario.
The Primary trend is up and in order for it to continue going higher it must close above $151.68 then the trend could go higher to its 161.8 extension on the weekly chart and its 127.2 extension on the 240min chart making it a high level of confluence where price can then turn lower. In order for the Primary trend to reverse it must close below $144.50 then the trend has been reversed and we are no longer in an uptrend and price could go to the area of demand around $137.50
BTO SEP10150C 1.25db (OI = 19.6K & VOLM =17.6K as of FRI close)
STOP : UNDERLYING $146.70 or 50% of premium .63cr
TARGET : UNDERLYING $154 or 3.35cr
The Primary trend is up and in order for it to continue going higher it must close above $151.68 then the trend could go higher to its 161.8 extension on the weekly chart and its 127.2 extension on the 240min chart making it a high level of confluence where price can then turn lower. In order for the Primary trend to reverse it must close below $144.50 then the trend has been reversed and we are no longer in an uptrend and price could go to the area of demand around $137.50
BTO SEP10150C 1.25db (OI = 19.6K & VOLM =17.6K as of FRI close)
STOP : UNDERLYING $146.70 or 50% of premium .63cr
TARGET : UNDERLYING $154 or 3.35cr
Comment:
***TYPO on last comment*** TARGET (on runners) : UNDERLYING $154 or 5cr
with STOP being moved to UNDERLYING $151.55 or 3.35cr
either way major profit
with STOP being moved to UNDERLYING $151.55 or 3.35cr
either way major profit
Trade closed: stop reached
CLOSED more than HALF POSITION AT 3.37cr
leaving RUNNERS to 155 (Underlying)
STOP on runners has been moved to underlying 151.55 or 3.00cr