Stock of the day: Apple

Today, we’re presenting another analysis on Apple. The last one we did was on August 17^th when the price was around 151 USD. Back then, we were bullish and pretty clear about it too:

“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.”

How did that work out for us? The price didn’t go up immediately. We needed a few days of correction first but eventually, the price managed to climb higher and was able to make new all-time highs at the beginning of September around 157 USD! Since then, we have had a small correction but yesterday, the bulls struck back again!

Recently, Apple is loving triangles. We had a major one a few months ago (black), a smaller one in July and August (orange) and now a big one again (red). The reason we said buyers struck back again is that yesterday, the price broke the upper line of the triangle and closed the bullish day above it. In theory, that’s the very beginning of another, major mid-term buy signal. With all that said, sentiment is back on the green side of the market.