What's going on moon gang, i hope you're having a great day since we are dealing with a shortened trading week and we are getting very close to the end of the month. I thought it would be a good time to make an apple update video. I will be doing a technical breakdown of apple stock and we'll be laying out the carriers of support and resistance. So we are better prepared for whatever happens in december, but before we jump 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 as we head into a market holiday stocks have been performing very well. The dow is at a new all-time high and both the s p, 500 and nasdaq 100 aren't far behind. As of the most recent market, close apple was up 1.2 percent and the stock is sitting just above 115, thus far in pre-market trading. It is slightly positive in terms of overall performance from the start of the year until right now, apple is up 57.

If you've been keeping up to date with my apple videos, you will be familiar with the current technical situation from a high level view. Apple has been in a bullish trend since well forever. Of course, there have been hiccups, such as heading into 2019 and from february to march of 2020, but overall the trend is upward. This is important to note, because if you have a long enough time frame, the odds are definitely in your favor more recently, though, from the end of july, until the start of september, the stock had a very impressive rally from 90 to the current all-time high of 138, this had a lot to do with the excitement surrounding the company's four for one stock split.

Unfortunately, when that stock split actually went through, the excitement died off and the stock sold off all the way down to 103 from there. There was then, a push to a new relative high at 125, and this was followed by another sell-off, which we also saw in the overall market, and this went down to 107.. Then, as november started, the stock managed to bounce and became range bound between 116 and 121 and recently that range broke downward and found support at 112.. Now there are a couple things i would like to bring to your attention about the current situation beyond the fact that apple is putting in lower highs and higher lows, these swings have been getting smaller and smaller.

We've gone from a fifty dollar swing, followed by a forty dollar swing to twenty one dollars to eighteen dollars to ten dollars and now to five dollars. This is important because it means from the end of july, until right now, apple stock has been consolidating and in the world of stocks, periods of consolidation are followed by expansion. So i would be willing to bet that a large move will be coming sooner rather than later, and second, i would like to point out how pivotal the price level of 112 dollars has been all the way back until august. It is a great area to watch and in fact it's where the stock recently found support.

If this bounce ends up holding the first resistance would be at the high from the start of october right around 119 dollars, which would be a gain of three percent. If we can break above this range, that would mean that the consolidation period is most likely over and from there. We have the next resistance at 125, which would be a gain of 9, and for those of you who are curious to get back to the all-time high at 138, that would be a gain of almost 20 percent. On the other hand, though, if apple is rejected in this region and 112 doesn't hold, the next support would be at the low from the start of november right around 108, which would be a drop of 6.5 percent and past that we have 103, which would be A decline of 10.5 percent.

I have this region between 103 and 100 highlighted in green, because, if apple were to drop to it, i think it would be an excellent opportunity to invest because i think, there's a high likelihood of the stock bouncing you see if the stock were to fall below 100, this overall trend of higher lows would be broken, so i think the bull camp will be putting up quite the fight in this area. With that being said, though, i think there's a much greater chance of apple bouncing off of 107 or 112 breaking through 119. Getting back into this wedge and making its way up to 125 and eventually testing the all-time high of 138. From a technical perspective, we are waiting for either 125 or 103 to break to end this period of consolidation.

But from a fundamental perspective, i am favoring the full case, because i think that apple will do exceedingly well this holiday season and, as you can see in the rsi once the stock gets moving, it will have quite a bit of room to run now to get A better idea of what might happen in the immediate future, let's switch over to the 4-hour chart. Now we can better see what's been going on. Recently apple went from a bull flag to a bear flag to a bull flag. Each time these channels were getting smaller and smaller and after the most recent breakout apple, was trading sideways between 116 and 121.

This ended up breaking down, but it found support at 112.. I would like to point out that the last two times the rsi got below 30 a nice rally followed and, as of yesterday, the rsi once again was very low. Let's zoom in just a little bit when you pair together this oversold rsi reading, along with the incredibly important support of 112, i think enough demand will be found at these prices that the stock will be pushed back up into this region of consolidation. And after that we have a region of resistance between 124 and 129.

In fact, i, like the current setup so much that i recently bought more shares of apple at 113 and my cost basis is now 117 at the moment. I am down on the position, but i have such a long investment horizon that i am not worried. I strongly believe that years down, the road apple stock will be higher much much higher moving forward. I would say that you should pay close attention to this support.

At 112 and then the top of this region at 121, you should also be looking for divergent setups in the rsi, because the last time we saw this a decent rally, followed if you're a swing trader, make sure you take note of these levels of support and Resistance but understand that timing, the market can prove to be extremely difficult and, if you're more of an investor, don't forget the fact that apple is the premier technology company on this planet, as things continue to develop, both fundamentally and technically, with apple i'll, make sure to Keep you updated in future videos and also keep you posted on. If i add to my position so make sure you have your notifications turned on and as a quick side note, the name of the charting software that i use is trading view and there's a link in the description of this video. The company is currently running a black friday deal that is 60 off and you get your first month free. So if you're interested in it, you should definitely check it out, because it is a great way to support this channel thanks for making it to this point.

In the video, i truly appreciate your time if you have any suggestions for what you would like me to cover next or for how things could be improved. Please feel free to let me know and as a quick reminder, i am not a financial advisor, so i would highly recommend that you do your own research. I would love to know your thoughts on apple in a comment below. Where do you see the stock going in december 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 game by hitting the subscribe button.

All that engagement really helps me out. Happy thanksgiving and until next time best of luck in the markets, you.