AAPL is currently 50%+ up from its recent bottom at the beginning of the year. After a long consolidation in the month of February, AAPL ended up breaking up and forming this clear upward channel on the hourly. Making clean higher lows and higher highs.
With two possible rate hikes in the horizon this year, some investors might be considering take some profit on tech stocks. That's why it didn't surprise me when the OS Terminal picked up more than $4.5M on ATM puts expiring next year on AAPL this past Friday.
We are now seeing AAPL make a clear lower low after a rejection at the top of the trend. A lower low on the hourly and a bearish RSI divergence are present, which tends to be a bearish. Bulls are looking for this demand area to hold to ultimately break up from this downtrend. The target on a break up would $194.80.
Bears are looking for a break down below this current channel or the demand area at $189.80, the target would be our next demand zone or the area between $186.25-$187.55.
With two possible rate hikes in the horizon this year, some investors might be considering take some profit on tech stocks. That's why it didn't surprise me when the OS Terminal picked up more than $4.5M on ATM puts expiring next year on AAPL this past Friday.
We are now seeing AAPL make a clear lower low after a rejection at the top of the trend. A lower low on the hourly and a bearish RSI divergence are present, which tends to be a bearish. Bulls are looking for this demand area to hold to ultimately break up from this downtrend. The target on a break up would $194.80.
Bears are looking for a break down below this current channel or the demand area at $189.80, the target would be our next demand zone or the area between $186.25-$187.55.