Apple: marked 3 consecutive higher lows, watch today closing

Marked a series of 3 consecutive higher lows. New bearish technical picture drawn on Apple daily chart, watch today closing.

On the 02/06/2016 Apple close was at 97.72 (-0.75%). Marked a series of 3 consecutive higher lows and fourth consecutive negative trading session. New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close). Yesterday trading session was characterized by a gap down at the open and an higher close. The technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. We suggest to watch today closing.
Apple higher lows bearish

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 96.62). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 02/06/2016.

Performance: 7 trading days= +3.19% – 15 trading days= +4.37% – 30 trading days= -5.85%

Resistance levels: R1= 98.16 – R2= 98.61 – R3= 99.82
Pivot Point: 97.40
Support levels: S1= 96.95 – S2= 96.19 – S3= 94.98


Buying opportunity above 98.21, targets minor resistance at 99.39 and perhaps as far as strong resistance at 100.23, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 102.38.

Selling opportunity below 97.46, targets minor support at 96.29 and perhaps as far as strong support at 95.46, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 93.32.