Daily chart created negative divergence with PPO. Typically that indicates weakness in the trend. Interestingly this happens to be at the upper boundary of the channel that has developed back in 2020.
Unless price bounces back this afternoon or tomorrow morning, it’s reasonable to expect some sort of the pull back. Most logical level would be just below $144 where price made previous higher high. This retest if prior highe would completely make sense from technical perspective.
AAPL update: since AAPL is big part of XLK it would mean we can see a bit of a pullback in stock as well. I previously posted price target of $130 to be reached. Not as confident in $130 at the moment, although it could definitely be reached, but $134 would be very doable.
Unless price bounces back this afternoon or tomorrow morning, it’s reasonable to expect some sort of the pull back. Most logical level would be just below $144 where price made previous higher high. This retest if prior highe would completely make sense from technical perspective.
AAPL update: since AAPL is big part of XLK it would mean we can see a bit of a pullback in stock as well. I previously posted price target of $130 to be reached. Not as confident in $130 at the moment, although it could definitely be reached, but $134 would be very doable.
