Stock of the day: Apple

Hello traders, in today’s technical analysis let’s take a closer look at Apple. On the short-term chart (H1), the setup is looking very familiar and very technical. The price is currently moving inside an ascending triangle pattern, defined by a horizontal resistance on the top and a dynamic ascending support line below.

Ascending triangles usually favor a breakout to the upside, as repeated tests of the resistance signal rising buying pressure. If Apple manages to close above the upper boundary of this triangle, it would activate a buy signal and open the door for a continuation of the recent upswing.

However, traders should remain cautious. A daily close below the lower orange support line would invalidate the bullish scenario and instead provide a sell signal, with the first target being the green horizontal support visible below.

At this stage, Apple is at a decision point, and the breakout direction will likely dictate the next big move.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-apple-22