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.
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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It appears that their considered opinion is that AAPL will either go up or down.
It’s hard to argue with such a compelling analysis.
It almost seems like you’re not taking technical analysis seriously…
According to my daily chart indicators, move to the upside triggered on Oct. 18. Weekly indicators triggered back in April.
Per my expertise, I’ll make the call;
1). Maybe
2). Maybe Not
Geo B is primed for a big move into new Apple hardware.
I would love to agree except for one major problem… Wall Street has always hated Apple and they always will… period!
It’s been hovering around $150 now for a while and gauging over time I’d say it will go up, and I certainly would enjoy seeing yet another round of “Apple hits new high” headlines courtesy of MDN.
Let’s hope AAPL will hit $180/ share soon.
My chicken bones say “reply hazy, try again”