$APT is currently under significant selling pressure, but the $9.00 support level is crucial. If bulls fail to defend this level, further downside is expected. On the other hand, a breakout above $9.34 could signal a short-term recovery, with $9.65 and $10.42 as key targets. Traders should exercise caution and use tight stop-losses due to the high volatility.
Support Levels:
$9.00: A psychological level close to the 24-hour low, providing near-term support.
$8.80: The next potential support if $9.00 is breached, based on prior price action.
Resistance Levels:
$9.34 (MA-25): This short-term moving average acts as immediate resistance, preventing upward momentum.
$9.65: A recent high that aligns with the 15-minute chart, offering another resistance level.
$10.42 (MA-99): Long-term resistance, signifying the overall bearish trend.
Trading Strategy
For Buyers (Long Positions):
Entry:
Wait for a confirmed breakout above $9.34.
Alternatively, buy near the $9.00 support level with a tight stop-loss.
Targets:
Short-term: $9.65
Mid-term: $10.42
Stop-Loss: $8.95 (below the immediate support).
For Sellers (Short Positions):
Entry:
Consider entering short positions if the price breaks below $9.00.
Targets:
Short-term: $8.80
Mid-term: $8.50
Stop-Loss: $9.35 (above the immediate resistance).
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