“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.
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[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]