AAPL: Several candlesticks/chart patterns to remember!

Hello traders and investors! Let’s see how AAPL is doing today!

First, it is inside a boring and annoying congestion, moving erratically without clear direction. But we have the $ 119.05 area to use as a guide, because it seems this is a nice support level for the short/mid-term.

Recently, AAPL did an Island Reversal chart pattern near this support level, and it just hit the next target at $ 124 (previous top). The Island Reversal is a nice pattern, and it seems it is working, as AAPL is trying to engage a bull trend, by doing higher highs/lows.

Now, let’s see the daily chart:



What we must keep in mind that we have a Morning Star in a support level here as well. Every Island Reversal is either a Morning Star, or an Evening Star in bigger time frames, and this is why both patterns are quite powerful – because of this natural dual-confirmation the pattern offers.

But since AAPL just hit a resistance level, we can expect some pullback now. Yesterday’s volume was nice, but AAPL will need a stronger bullish structure in the 1h chart to reverse the trend in the daily chart. On the bright side, it seems we have a Triangle chart pattern here, and if triggered, it'll be a great sign for AAPL!

Now, let’s finish this Multi Time Frame Analysis (MTFA) by looking at the weekly chart:



The stock is already near a support level, and this favors the bulls in the mid/long-term. But if AAPL loses the $ 116 it’ll kill the bull trend and it’ll seek the $ 106 area again.

Let’s keep our eyes open here, as AAPL is at a decisive point! And remember to follow me to keep in touch with my daily updates, and please, support this idea if you liked it!

Thank you very much.
Have a great weekend!