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Today’s newsletter will cover the following stock:
Applovin Corporation (NASDAQ: APP)
APP is currently in an uptrend with higher highs and higher lows. That being said, the first ever bearish SKDJ crossover occurred in February, suggesting troubling times ahead.
Looking at the weekly timeframe, APP was previously trading in an ascending channel from 2022 until end-2024, where it broke above the channel and entered a parabolic phase. Since then, APP formed a bearish divergence and began a correction to retest the channel from above, finding support at the 263.26 weekly bullish imbalance with a further extension to the 234.56 quarterly bullish imbalance.
APP now has a weekly bearish imbalance from 359.70-412.19 as well as quarterly resistance at 308.13, and support in the 234.56-263.26 area.
Until either area is decisively broken, it might just continue to trade in a large range. Below 234.56, true downside expansion begins towards 174.46, where it should find trend support. Above 412.19, it could retest ATHs at 525.15 and beyond.
$AppLovin Corporation(APP)$ $MongoDB Inc.(MDB)$ $iShares Expanded Tech-Software Sector ETF(IGV)$ $Snowflake(SNOW)$ $Adobe(ADBE)$
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