“Apple shares bounced around Friday after the debut of its highly anticipated watch, but according to one technician’s chart work, the stock is about to break out to new highs,” Amanda Diaz reports for CNBC.
“‘While the watch itself doesn’t have a spring I’m told, the chart of Apple is wound tight for a big move higher,’ said Evercore ISI’s head of technical analysis, Richard Ross, on Friday’s ‘Trading Nation,'” Diaz reports. “Ross pointed out that the tech giant has been in a well-defined uptrend for many years, but he turned his attention to a coil, or triangle, pattern that has formed over the past few months.”
Diaz reports, “The triangle pattern is important, said Ross, because it’s directional and can be used as a measuring tool.”
Read more in the full article here.
MacDailyNews Take: Forget the “triangle,” what do the entrails say?
[Thanks to MacDailyNews Reader “David E.” for the heads up.]