AppLovin (APP)

Another chart of interest is AppLovin (APP).

AppLovin (APP) corrects after a breakout, so watch key supports

AAP shows breakouts above 426 and 525 that project to 650 (achieved) and 850. The weekly upside gap from early September between 537 and 511 provides key support, along with the 525-breakout level. Holding this zone is needed to preserve upside potential to 850 on AAP. 

Chart 1: AppLovin (APP) (top) and relative to the S&P 500 (bottom)

If APP continues to pullback, watch key retracement levels.

The Fibonacci retracement levels for the April to October rally are 537 (38.2%), 473 (50%), and 408 (61.8%). The 38.2% retracement aligns with the upper end of the key support highlighted above.

Chart 2: AppLovin (APP) with Fibonacci retracement levels