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Trade Setup Apple Inc. on Third Rejection from Support

Interval: Daily


Apple touched 419.00 support area  for the first time this year on 4th of March. After that it has touched this level again on 5th of April and yesterday. In this accumulation period, or better said range, the volume was lower with every touch on the support. This might mean just mean that the balance could reverse and the investors will buy Apple for the rest of the month.

This setup is based on a new price rejection from the support line. The best thing at this is a good risk reward ratio 1:4. A stop placed right under the support while the first take profit can be set at the closest high.

We should not forget that Apple will report its earnings next week on 23rd of April.

Confirmation level: 426.43

Take Profit 1: 471.42

Take Profit 2: 496.00

Stop Loss: 414.87

Trade Setup Apple Inc. on Third Rejection from Support by