Apple is experiencing a weak September, but a quick inspection on the monthly timeframe shows price is now finding support at a resistance level turned support.
This level is based on the January 2021 high at $145. Price initially broke above this level in July 2021 and started pulling back this month.
Last week price opened below this level but closed above it, closing with a strong bearish candle.
We have the $150 round number above price, so even if we start to see bullish momentum, this will be the first hurdle for price to get through. The next hurdle will be the all-time high at $157.
As the overall trend is bullish, we anticipate a bounce from support. If the long-term trend is as strong as before, it should make light work of the resistance hurdles in the way.
As we have positions already running, we will look for compounding opportunities once we begin to see breakouts.
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