Is Apple stock primed for a big move?

A chart pattern known as a symmetrical triangle has formed in the chart of Apple stock. This may mean the AAPL is setting up fro a big move.

Is Apple stock primed for a big move?

Christian Tharp for StockNews:

AAPL has a strong balance reflected by its $62.6 billion cash balance at the end of the most recent quarter. This compares favorably to its short-term debt of $15.6 billion and has led to a Quality Grade of B in our POWR Ratings system.

AAPL is consolidating within a common chart pattern known as a symmetrical triangle. A down trending resistance combined with an up-trending support forms the triangle pattern. Since there is no true way to know which way the stock will break, traders often wait for the breakout or breakdown before entering a trade.

A trader could enter a long position on a break above the down trending resistance with a protective stop set under the entry level. However, if the stock were to break below the trend line support, a short trade could be entered with a protective stop above the trend line.

MacDailyNews Take: Apple shares did rise $2.49 (+1.65%) to today to close at $153.49, so apply that data point to the annotated chart that Tharp provides in his full article.

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