Apple is breaking above the long-term channel median line
The Weekly Apple chart shows that the instrument is breaking above the Andrew’s Pitchfork long-term uptrend channel Median line dating back from 2018. This breakout is supporting the upside continuation especially since this is a strong resistance zone being broken out as well. A break above the 150 will open the door for the extreme upside extension to the channel upper resistance line
On a Daily chart, we can see an uptrend downtrend Pitchfork channel formed and for the upside continuation we need to see a break of 148 to target 156 Median line of the channel. A rejection here could lead to a pullback to 142 support again. You can take long trade entries with the stop loss below 142 upon a break above 148 to target 156 and higher.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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