(Red Apple) 555-565 is the temporary buy the dip zone based on support and oversold conditions. Anything higher than 565, then it is not worth the risk vs reward in this short term environment. Short until 555.00 *
What we know now. 600 is an established top floor and most likely we will not re-take it for at least 20 trading days, 555 is super major and also the bull-bear zone from a 3+ year support/channel line. With 565 as the upper one and 555 as the bottom.
AAPL is also hugging the lower bollinger band, and we will likely expand lower for the rest of this week. I suspect the relief + oversold rebound will initiate on Monday July 30.
*Condition: If AAPL closes above 581 tomorrow then the plan to 555-565 support area becomes invalid.
-Red Apple
