Market sentiment: Bullish
Apple Inc. share is rising from past 4 days. Today apple is trading at $180. It has certainly retraced back from near top at $192 to $164 during this downturn time, making 38.2% Fibonacci retracement ($115 -$191).
As per my technical chart analysis, apple looks very bullish. The reasons are:
- Strong upward pitchfork has formed. Price is just going up from lower pitchfork.
- Price found proper support at 38.2% Fibonacci retracement line.
- As per the pitchfork analysis, price could touch around $190 which is middle pitchfork area.
- Stochastic (14, 3, 5) has become wider. This is a good indication of price movement.
So, in this scenario, we could go for august bull-put credit spread below $150. This trade will give around 11% return in 3 to 4 weeks as long as stock stays above $150.
DISCLOSURE: This is just for your education purpose. We are not responsible for any of your losses. Please do at your own risk
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1 comments:
Yes, even though it retraced back few points from $180, but looks like this will move higher for next few days till it reaches middle pitchfork.
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