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Head of Fixed Income Strategy
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Technical Update - Apple uptrend seems to come to an end. Amazon breaking range, eyeing higher levels
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Apple strong uptrend could have come to an end. Weakening trend and top and reversal indicators are pointing to lower levels.
Amazon is set to open higher breaking range bound picture. Uptrend seems to resume but strong overhead resistance
Apple is indicated to open lower following Earnings release After-Hours yesterday. The opening price is indicated by horizontal dashed blue line around 187.
That means Apple will open around minor support at around 187.90.
Apple is already below lower rising trendline and a close below 187.90 will confirm a downtrend.
RSI has been showing divergence for a couple of weeks now which is an indication of trend weakening and likely reversal.
If closing below move to 180-175 could be seen. The 55 daily Moving Average will offer some support.
The weekly chart is drawing a more worrying picture; Two top and reversal although one still in the making.
A shooting star that has not been cancelled and a bearish Engulfing in the making. The Bearish Engulfing candle will only be demolished if Apple can close above 193.41 today.
A close above 198.25 is needed to demolish the top and reversal picture and extend the uptrend.
Amazon is indicated to open 8-9% higher around 140 after Earnings release as indicated on the daily chart with the dashed blue line.
If amazon does not collapse during the trading session the RSI will close back above 60 and could cancel the divergence it has been showing for a few weeks now.
If that scenario plays out there is more upside potential for Amazon in the coming weeks.
If closing above 136 Amazon would have broken the deadlock it’s been in for the past couple of weeks.
Resistance at around 144. A close above will point to higher levels. Possibly 165-167
If Amazon closes below 135 the opening gap that is set to be created today will be closed. If that occurs it is likely to jeopardize the Bullish scenario. Closing below 126 will destroy and reverse it the bullish picture
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