What's going on moon gang, i hope you're having a great day. My name is matt, and in this video i will be doing a technical breakdown of apple stock. I'll give a brief update on my previous apple videos, then i'll be laying out the key levels of support and resistance that will be in play over the coming trading days. But before i get started with all that, if you're new to the channel don't forget to join the moon gang by hitting the subscribe button, i'm currently just under 3 000 subscribers and your help with crossing that milestone would be truly appreciated.

And if you enjoyed this video, don't forget to drop a like, because it really helps me out with the youtube algorithm now with that out of the way, let's dive into it, the stock market just closed for the day and apple which trades under the ticker aapl Ended the day just below 121 dollars. This means that apple is back to having a market cap of 2 trillion dollars and over the past three months, it's up 25 over the past six months, it's up 70 and from the start of 2020. Until now, it's up 64, if you've been keeping up with my videos related to apple you'll, be familiar with this technical analysis. But as a quick recap, it recently broke out of a consolidation pattern.

It was putting in higher lows and lower highs and then that changed the day before the iphone 12 event. Apple's all-time high is currently 138 dollars, and this came two days after its four for one stock split at one point from that high it had fallen 24, but now it's only down 12. Clearly, apple stock didn't do the best in the month of september, after quickly falling from its all-time high, it was caught in a range in between 119 and 112.. Then this support gave way and it was caught in an even smaller range between 112 and 104..

It was finally able to get above that resistance, and then it was caught in an even tighter range in between 112 and 117 for most of september, apple stock was consolidating in a smaller and smaller range and then because of the hype and excitement surrounding the iphone 12 event, there was a bullish upswing, which also served as a technical breakout. This recent surge means that apple is up four percent in the month of october. So that's a quick rundown on how the stock got to where it is. But now, let's try to figure out where it's heading next, two days ago, apple put in a higher high relative to the previous two, which made me think it was on its way to testing the resistance at 129.

But the iphone 12 event ended up being one of those things where you buy the rumor and sell the news and it ended up getting rejected at the previous support of 125 and now we're sitting at the neck support of 119.. As you can see, this is a pretty important line in the sand because the stock was rejected here at the start of october and in mid-september and as we know, it's pretty common for previous resistance to turn into support. If today's action ends up officially marking a bounce, that would mean that the next stop would come at 125, the previous high, which would be a gain of 3.5 percent. And if the bulls can push the stock.

Above that, we would then be looking at 129 again, which would be a gain of 6.5 percent. And, of course, if the stock can get above that. That would set up a test of the all-time high at 138, which would be a gain of over 14 percent. But if this ends up being a fake out and the stock falls through, there are two areas where i would consider buying more shares of apple.

The first would come at this gap fill from october 9th, which would be at 117. It's fairly common for stocks to fill the gaps in their chart, because both buyers and sellers want to thoroughly examine the untested areas and figure out how much demand is there if demand isn't found here, i would then recommend paying close attention to 112, where the stock, Previously caught itself, you can bet if the stock does return to this level, i will definitely be a buyer. From the most recent close, the gap fill would be a drop of 3 and then the support at 112 would be a decline of seven percent. To get a more detailed understanding of, what's going on with apple, let's switch over to the four-hour chart compared to my last apple video, the overall technical structure has changed a little bit.

We now have this v-shaped bounce, going on from september 4th until the 25th. This bull flag was pretty obvious. We were consistently putting in lower highs and lower lows, and then it was able to break out at the end of september, and i thought we were in this small rising wedge. But after today's action, this bear flag is pretty clear because we're putting in higher highs and higher lows.

Today's action was a technically perfect bounce off of this trend line and the previous resistance of 119 looking forward. I think that the most likely scenario is that the stock continues this rebound to test the previous resistance and support of 124 and get above that and then work its way up to test the resistance and this top trend line at 129.. Now, even though i do think this is the most likely outcome, i do want to offer a word of caution. This technical structure is referred to as a bear flag and that's because they commonly break downwards now.

This doesn't have to happen because technical structures in the stock market are never perfect and if the support at 119 doesn't hold, your next buying opportunity would come at 112.. In terms of the bigger picture, i will remain bullish on apple until 112 and most likely 103 are given up by the bull camp. Until then, the charts are telling me that this is a good buying opportunity and, fundamentally, i think apple will do extremely well. This holiday season, personally, my most recent purchase of apple, came back here in early september around this mess and my cost basis is just below 120 dollars.

I was obviously a little bit early, but i do feel confident that we're on our way to testing 129 in the near future. If the stock can get above this, i would feel pretty good about making a new all-time high and in terms of risk. If this scenario doesn't play out, i would be looking to sell my shares at a loss around 103, as things continue to develop i'll, make sure to keep you updated with the new key technical levels and also keep you posted on my price targets and risk points With my shares of apple make sure you have your notifications turned on, so you don't miss any of my future videos and, as an important side note apple's next earnings report is at the end of the month on october 29th, so you should be prepared for some Volatility around that time period. Overall, i think that apple is a fundamentally strong company and its stock chart is telling me to favor the bull camp in reality, i'll most likely remain bullish on apple stock until a new lower low is put in.

But with that being said, everything expressed in this video are my own opinions and i'm not a financial advisor so make sure to do your own research. I would love to know your thoughts on applestock in a comment below and also feel free to post any suggestions or recommendations for what i should cover next. If you would like to test out the charting software, i used in this video there's a link to a free 30-day trial in the description below there's, also a link to smd trading. If you're looking for a group of people who talk about this type of stuff on a daily basis, i would highly recommend checking it out.

If you enjoyed this video - and you want to support my efforts in making more there's a few things you can do, you could drop a like leave a comment and join the moon gang by subscribing to the channel thanks for watching and until next time. Best of luck in the markets, you.