Apple – Why the bearish engulfing not so bearish

١٧ ديسمبر ٢٠٢١

AAPL

Observations:

After breaking the upward channel, Apple is at re-test point on upward band of the channel. (shown at B)

It closed at the 76.4% Fibonacci level from the lows of Oct 2021. (Shown at A)

Though the bearish engulfing is formed, the weakness can be only confirmed once upward channel is decisively broken on downside. The level is also near to 38.2% level at around 155.