Stock of the day: Apple

By Tomasz Wisniewski|

Published: May 28 2024, 06:07 GMT+0

Stock of the day: Apple

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In today’s talk of the day, let’s focus on Apple, one of the most popular instruments traded on stock exchanges. Apple is approaching a critical point that could define its future direction in the coming weeks.

For the past year, since May 2023, Apple has been moving within a sideways trend, forming a rectangle pattern marked by yellow lines. Recently, in April, the price bounced off the lower line of this rectangle and has been climbing steadily towards the upper boundary.

We have two possible scenarios. A breakout above the upper yellow line would signal a new uptrend for Apple, indicating a strong buy opportunity. Conversely, if the price reverses and breaks below the lower yellow line, it would suggest a sell signal, potentially forming a head and shoulders pattern with the left shoulder in July 2023, the head in December 2023, and the right shoulder forming now. The lower yellow line would act as the neckline in this scenario.

Traders should closely monitor this sideways trend and be prepared to trade the breakout, which could lead to a significant long-term position based on the direction Apple chooses.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-apple-7

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