What's going on moon gang, i hope you're having a great day in this video. I will be talking about apple. Not only is it a true technology goliath, but it's also the largest company in the united states. In this video i will be doing a technical breakdown of apple stock and highlighting the key areas of support and resistance.

So we are better prepared for whatever happens next, but before i get into all that, if you're new to the channel don't forget to join the moon gang by hitting the subscribe button. My goal is to hit 5 000 subscribers by the end of this year and your help with that would be truly appreciated. And as always, if you enjoyed this video, don't forget to drop a like, because it really helps with getting it in front of other people who may be interested, and now that i got that out of the way, let's get started. Alrighty then, the third trading week of november is now over and things were not ideal.

The dow, the s p 500 and the nasdaq 100 all put in a down week and as you can see, they ended things on a pretty sour note. So it wasn't that big of a surprise that apple was down 1.1 percent. With that being said, though, thus far in november, apple stock is still up: 7.7 apple trades under the ticker aapl, and the stock is currently at 117 dollars at this price level. That means that apple has a market cap just below 2 trillion dollars over the past week.

Apple is down 1.6 over the past three months. It's down 6.8 percent, but from the start of the year until right now it is up sixty percent when it comes to the stock market, it's always useful to consider multiple time frames anyway. Here is the current technical situation that we are dealing with from a high level view. Apple stock has been in a clear uptrend from the start of 2019 until right now, of course, there was a sell-off in march, but since then the stock has consistently been putting in higher lows more recently from the end of july, until september apple had a very Impressive rally from 90 all the way up to the current all-time high of 138, which was a gain of over 50.

Unfortunately, from there there was a pretty brutal sell-off, all the way down to 103, which ended up being a drop of 24. Once the bull camp got their act together, there was a bounce to a new relative high at 125. Then, to the dismay of many investors, this was followed by another sell-off to a new higher low at 107. Beyond the magnitude of this decline, i was worried that the bears were able to push the stock below the support of this trend line and 112..

Then, as my emotions were all over the place, the bull somehow recaptured both of these levels of support, and since then, over the past two weeks, the stock has been consolidating right around 119., even though apple stock has seemingly been going nowhere. Lately i want you to take note that the most recent close at 117 was the first one in this period of consolidation that was below both this support at 119 and this trend line. If this momentary bearish strength continues. The first support i would recommend watching would come at 112, which would be a drop of 4.2 percent.

After that, we do have the recent low of 107, which would be a drop of 8.5 percent, and after that we have the incredibly important region of support between 103 and 100, which would roughly be a decline of 13. I should clarify, though, that this last target is more of a long shot, as in i wouldn't hold my breath on it. In fact, this breakdown could be a bear, trap, fake out, and the stock could rally right from here. If apple were to clear the recent high of 122, then i would be watching the high from mid-october at 125, which would be a gain of 6.7.

After that we have 129, which would be a gain of 9.5 and to get back to the all-time high. At 138 that would be a gain of 17.6 percent, as things currently stand, i'm mainly looking for apple to continue filling out this blue wedge, whether that happens right away or if 112 has to be validated once again, and then we fill out the wedge. I am favoring the bull camp. Let's quickly pull up the rsi to see.

What's going on, i really like to use the rsi to find points of both bullish and bearish divergence. Unfortunately, not much is going on at the moment. The current rsi value is halfway between overbought and oversold, so it really seems as if both sides are waiting for something to happen, to get a better view of. What's going on, let's switch over to the 4-hour chart.

This time frame does a much better job at showing us how, since september apple stock, is extremely good at going absolutely nowhere. It's gone from a large bull flag to a medium bear flag to a small bull flag which led to a breakout, and now the stock is range bound between 116 and 121. So, basically, apple has gone from consolidating in these channels to now consolidating sideways. It's like watching paint dry moving forward.

I would recommend patients in the world of stocks. Periods of consolidation are followed by expansion and vice versa. So we just need to wait for something to develop if the opportunity presents itself buying at the levels of support of 112, 107 and 103 would all be smart plays in my book. You can be rest assured that, if apple were to drop to the region between 103 and 100, i would be loading up.

But, as i said before, i don't think that this scenario is that likely since august, i have been buying apple and my current cost basis is around 118, which means that i'm slightly down on the position in the short term. I would like the opportunity to lower my average cost because years down the road, i feel very confident that this stock will continue to produce amazing returns, and i don't think that 200 is out of the question in the year 2021, if you're an investor like me, I would recommend remembering how long your time horizon is and the fact that apple is the premier technology titan and if you're more of a swing trader, i would recommend paying close attention to these levels of support and resistance, as things continue to develop both fundamentally and Technically, with apple i'll, make sure to keep you updated in future videos so make sure you have your notifications turned on and as a quick side note, the name of this charting software is called training view and there's a link to a free 30-day trial. In the description of this video, let me know if you decide to check it out thanks for making it to this point in the video. I truly hope that you found some value in it.

If you have any suggestions or recommendations, you should always feel free to reach out to me and as a quick reminder, i am not a financial advisor, so i would highly recommend that you do your own research. I'd love to know your thoughts on apple stock. In a comment below, and as always, if you enjoyed this video, don't forget to drop a like, and if you haven't already don't forget to join the moon gang by hitting the subscribe button. All that engagement really helps me out thanks for watching and until next time best of luck in the markets.

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