Apple shares conclude the month below the resistance- analysis 01-08-2016

Apple shares ended trading on last Friday slightly lower by (-0.13 point) or (-0.12%) of the previous closure after facing the pivotal resistance 100.00 that curbed the previous rise, which pushed the price to retest the support of the SMAs 50 and 100 that coincided with testing 96.65 support, these supports pushed the price to face 104.00 resistance level as the (D) point for the shown above harmonic pattern concluding the month of July around thnis resistance.

This came after the price formation for a harmonic pattern that pushed the prices for a further rise during the previous short and medium trades, after the price was able to escape and pass 100.00 level in order to achieve the pattern’s condition, which pushed the price to target 104.00 resistance as the pattern’s completing level.

Generally; 104.00 resistance consider as a possible reversing point for the price movement, which may lead the price to decline in order to retest the nearest supports and may retest the bullish trend line linking (A & C) points for the pattern, in addition to retesting the pivotal level 100.00, but in case of the price’s keeping the bullish moves and held above 104.00 level it will target the next resistance 108.15.