Intraday Idea for today on Apple stocks at the Premarket

Apple shares have fallen after a report informing that the company is considering postponing the launch of the next iPhone.

On Wednesday, Apple was bullish on most of the day during the session, but closed negatively.

Apple launches a new iPhone in September or October every year since 2011.

Apple 1h chart

On the 1 hour chart, we see retest and rejection at the already broken level with a confirmatory bearish candle. 50/200 MA in bearish formation.

Formation of a short-term downtrend, with strong momentum from the last hour of yesterday’s session confirms its direction. DeM signals from a strong over-bought level.

We wait the start of the session and monitor price levels around the diagonal and structural horizontal resistance. Touching them after the 30th minute of the start of the session (when the algos calm down and the noise disappears), we can position ourselves short-term by the end of the day.

The stop remains above the horizontal resistance, protected from short-term fluctuations.

An alternative scenario is a rise in price above the resistance levels, which will break this trend and signal a new long. It can be used after closing a 1-hour bar as a breakthrough test.

 Trader Georgi Bozhidarov

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