Apple May Have a Bullish Continuation Pattern
Apple jumped after its last quarterly report and barely pulled back. Now the price action may have turned into a bullish continuation pattern.
Notice the higher lows on February 3 and 10. The tech giant remained trapped beneath roughly $154.50 throughout this period. The result is an ascending triangle that prices are now trying to break. Is it possible that the preceding upward move isn’t done?
Interestingly, the triangle’s lows also represented higher lows on the weekly chart. AAPL additionally completed an inside week following the big jump in early February. That kind of tight price action -- with a lack of profit taking -- may suggest it’s under accumulation again.
Another potential sign of buyers outnumbering sellers is in the relative strength histogram below. It compares the trailing one-month (21 bars) change of AAPL against the S&P 500. The current moment could resemble other times when AAPL outperformed the broader index, like November 2021 and July 2022. Both were followed by periods of further upside.
Finally consider the 10-day simple moving average (SMA) in yellow. It served as a good trend indicator the last time AAPL rallied and stalled. (See the yellow arrows.) Prices have bounced at it again several times this year, including today.
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Notice the higher lows on February 3 and 10. The tech giant remained trapped beneath roughly $154.50 throughout this period. The result is an ascending triangle that prices are now trying to break. Is it possible that the preceding upward move isn’t done?
Interestingly, the triangle’s lows also represented higher lows on the weekly chart. AAPL additionally completed an inside week following the big jump in early February. That kind of tight price action -- with a lack of profit taking -- may suggest it’s under accumulation again.
Another potential sign of buyers outnumbering sellers is in the relative strength histogram below. It compares the trailing one-month (21 bars) change of AAPL against the S&P 500. The current moment could resemble other times when AAPL outperformed the broader index, like November 2021 and July 2022. Both were followed by periods of further upside.
Finally consider the 10-day simple moving average (SMA) in yellow. It served as a good trend indicator the last time AAPL rallied and stalled. (See the yellow arrows.) Prices have bounced at it again several times this year, including today.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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