Stock of the day: Apple

Time to update you on one of the most popular stocks in the world: Apple.

We already mentioned Apple on the 23^rd of June and we were bullish;

“With the price being above the upper black line, we do have a proper buy signal. The price coming back inside of the triangle will cancel the positive sentiment but for now, this is less likely to happen. Sentiment on Apple is definitely positive.”

As you can see, we were clear about the future bullish direction on this instrument. The analysis was spot on, as the price went from 133 USD to 151 USD seen now. The first half of July was especially satisfying for buyers.

In the past few weeks, the price created a small correction pattern – pennant (red lines). As You can see, it is very similar to the previous giant triangle (black lines), but much smaller. Anyway, the outcome is the same – a breakout to the upside.

And that is the exact reason that we are mentioning Apple again. The price ended the correction and broke the upper line of the pennant, which triggered a buy signal. Yesterday’s session was very important as it tested the upper line of the pennant as a support. The test was positive for buyers as the price bounced and went significantly higher. A big bullish body leaves no room for doubts: the sentiment is very positive.