“If bigger is better in the tech sector right now, it shouldn’t come as any surprise that the $810 billion market cap Apple is leading the charge,” Jonas Elmerraji writes for TheStreet. “Apple shares are up 34% so far in 2017, contributing a meaningful chunk of the overall market’s upside because of its sheer size. But don’t worry if you’ve missed out on Apple’s record-breaking rally, its chart is signaling a second leg higher from here.”
“The price pattern in Apple here is an ascending triangle setup, a bullish continuation pattern that signals more upside ahead,” Elmerraji writes. “The pattern is formed by a horizontal resistance level above shares — at $155 in Apple’s case — and up-trending support to the downside.”
“Basically, as Apple has bounced in between those two technically important price levels, shares have been getting squeezed closer and closer to a meaningful breakout through $155,” Elmerraji writes. “When that happens, we’ve got a buy signal.”
Read more and see the chart in the full article here.
MacDailyNews Take: It’s always nice to start out the day with some tea leaves.
SEE ALSO:
Can Apple end their WWDC losing streak? – May 30, 2017
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]
Chicken bones
Coffee beans 😉
So, we should expect a share price jump just because Apple fixes a couple of the problems with their terribly overpriced MacBook Pros? Or. is it because Apple will introduce the – what, fourth or fifth? – internet speaker system to the market?
Says who? There are analysts telling investors to sell Apple to buy Alphabet and Amazon. You think Apple is going to have higher share price gains than those two FANG stocks? Hardly. The hedge funds are going to push up any FANG stock and make sure that Apple is left stuck in the mud. Even Microsoft seems set to outperform Apple in terms of share gains. Apple is at a disadvantage with its sub-average P/E. It only goes to show how little confidence Wall Street has in Apple. They can chop Apple’s value on a simple iPhone delay rumor because Apple investors are pretty much spineless.
Analysts say to dump Apple because it’s gone up too much. Not with any of the FANG stocks. They say to buy any FANG stock because they have unlimited growth potential, unlike Apple. Apple’s fundamentals are said to be worth nothing compared to Amazon and Alphabet’s potential growth prospects. Unfortunately, Apple appears to be always making all the wrong choices as far as Wall Street is concerned. Go figure.
Your comments are an inditement of Wall Street Analysts, not Apple.
Liquidmetal has a chance to outdo them all, they could see 400 to 500% gains!!
It’s the safest move in the world to say that something tiny will have a greater percentage share rise than something large. Math works that way. $1 rise to liquidmetal would be huge growth. $1 to Apple, not so much.
If I wanted to buy shares in Liquidmetal which one should I go for? I’m based UK and when I search I’m Given four options (markets?).
I am sooooooo happy I did not invest in Liquid Metal the last time around…………
Technical analysis is based on price data which derives from a company’s stakeholders (the market) who, in the aggregate, know a great deal about the company. Analysts believe price trends represent objective statistical truths, despite random fluctations in price.
Thus analysts differ from shamans and fortune-tellers, who examine patterns in tea-leaves, chicken entrails, and the like — data which are materially unconnected to the target of their forecasts. Shamans believe the patterns they study are not random, but represent universal truths that are revealed when channeled through their keenly developed perception.
Not so much MDN