After an exponential drop in January 2014, Apple
shares (NASDAQ:AAPL) are trying to shrug off further southward pulls, as they
trend northward. Is this sustainable?
Should the price go determinedly upwards, now would
be a good entry point for the bulls. The RSI period 14 is almost crossing the
level 50 to the upside, and by the time the price breaches the resistance level
at 540, the RSI would have reached the level 50. A break above the upper
Trendline is also a confirmation of the northward outlook.
Conclusion: In this year, it is possible that Apple would
test the resistance levels at 540, 560 and 580. Some trading approaches follow
dominant trends, and a result of this, the approaches would not pull their weight
when a dominant trend enters an equilibrium phase. We want to play a market
that showcases a stable bias: a dependable directional movement and false
breakouts that are few and far between.
This forecast is ended with the quote below:
“As
important as position sizing strategies are to trading success, your psychology
is even more important.” – R.J. Hixson
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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