Apple 1 Hour Chart Explained

9 oct 2020

I am a huge fan of candlesticks. I built this chart in layers. First I labeled the higher lows on the 1 hour chart. Points (A),(B), and (C). Yes point B higher that point A. As we see higher lows going into Friday. We can only expect a new high. A new high for the week that is and I am expecting Apple to hit $116 a share some time tomorrow. Alright, now that I highlighted the bottom candles. Let's look at the RSI. The RSI is at a healthy 49.26 on the 1 hour chart. This does not help us much as it is right near the middle, however Apple generally runs with a high RSI, so we should see it increase. Correlating with price increase because for Apple that generally runs with a high RSI, this means that 49 means the stock is technically underbought. Next I threw in the divergence indicator and there are no buy or sell signals, however you can see the red cloud has dissipated near the end of market hours as the bears have become weak. This is an opportunity for the bulls to over power the bears on Friday. Next I threw in the moving average and with all my previous thoughts coming forth correct, we can expect the price to align and ever surpass the 1 hour MA on Friday. Finally let's look at volume, the bears only had control for 1 hour on Thursday. If you look at the trend for the bearish volume it weakens near the end of the day. With the bears slowing down, we have an opportunity for the bulls to make a strong run Friday.

Do you think the bears will maintain control tomorrow, or will the bulls stampede over them? Comment your thoughts below, like if you think the bulls will take over, and follow to see what happens!

Thank You