Apple’s stock chart currently paints a pretty picture. After hitting a 52-week low back in June, AAPL shares came close to retaking all-time highs in August before dipping again during autumn. But crucially, the dip came nowhere near June’s low and are now continuing to move up higher.
Visually and technically speaking, it’s clear that Apple’s stock is setting higher lows. This is one of the most bullish patterns a stock can form and tells a lot about how keen the market is to get involved when each dip is gobbled up quicker than the one before. While we’ve yet to see higher highs confirm the bullish setup, things look good heading into the last few weeks of the year.
Having traded mostly sideways for more than a year, it’s looking more and more likely that Apple shares are keen to make a decisive move. You have to be thinking that if the past five months’ worth of red-hot inflation prints and rising interest rates weren’t enough to send them down to fresh lows, then bullish price action and dovish statements from the Fed just might be enough to start them trending up to fresh highs.
If shares can get above the $150s it would confirm much of this thesis. It would also mean they’re setting higher highs in conjunction with higher lows which is the perfect combination needed for a rally
MacDailyNews Take: From Sam’s lips to Mr. Market’s ears – we’ll take a nice AAPL Santa Claus rally for Christmas!
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Probably not, China will sink Apple…
Let’s see how it turns out. Time will tell.
Hopefully the rally waits till January 1 for tax reasons. (Where I live this matters.)
I am one of the rare ( or dumb ) people out here. I quit my job and am doing what I love now – Illustrate and write children’s books… it’s defiantly not paying the bills, but I am having the most fun and productive job that I have ever had, working for myself. In any case, my Apple shares are keeping my afloat… I am selling shares to pay my mortgage. I really hope that AAPL shares go up and up and up! Thanks Apple, for letting me do what I love!