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Technical Update - Apple trying to reverse down trend. Tesla bouncing but strong resistance ahead
Equities 3 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Apple opened lower after earnings but seems to regain some lost ground.
Share price is still below the falling trendline and RSI is at the time of writing being rejected at the 60 threshold i.e., still showing negative sentiment.
If Apple is closing above the falling trendline there is strong resistance at around 182.35. A close above will confirm down trend has reversed.
A close above the falling trendline could confirm Apple has broken bullish out of a falling wedge like peattern. An RSI close above 60 threshold will be a good indication of a trend reversal.
If that scenario plays out Apple could enter into a bullish move to 190 resistance level
But currently Apple is in adowntrend short- and medium-term. Weekly is however, still showing positive sentiement throwing a life line to investors.
However, if sliding back below the 200 Moving Average down trend is likely to resume
Tesla bounced from support at around 195 to close yesterday just below 200 Moving Average. With the higher open today the lower part of the big gap area at around 225.95 could be tested.
The Gap area is a strong resistance area but Tesla might try to close the gap but needs to close above 242.68 to do so.
If Tesla is closing the gap the RSI is also likely to close above 60 threshold thus confirming uptrend.
However, even closing above the lower part of the gap at 225.95 could be a struggle. RSI closing above its upper falling trendline could be first indication of Tesla having a go at the 225.95 resistance.
However, daily RSI is still in negative sentiment (until a close above 60) and with no divergence it is indicating lower Tesla levels.
Medium-term Tesla is in a downtrend but has bounced from the 200 Moving Average. RSI is still showing positive sentiment suggesting Tesla could bounce further and this down trend is just a correction.
To reverse the medium-term bearish trend a close above 268.95 is needed. An RSI close above 60 would be a strong indication of this scenario to play out
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