Stock of the day: Apple

In today’s Stock of the Day, let’s take a closer look at Apple, which may be facing a critical technical situation—a potential false bullish breakout. This error in momentum could lead to a significant reversal if buyers fail to regain control.

The false breakout is marked on the chart with orange, representing a failed attempt to break above the upper blue trendline and yellow horizontal resistance. Initially, it looked like Apple was gearing up for further gains as it moved above these key resistance levels. However, the price has since slipped back below them, signaling that the breakout could have been fake.

This situation has placed the lower blue trendline under considerable threat. If Apple closes today below this line, it would confirm the false bullish breakout and serve as a strong sell signal. A close above the lower blue line, on the other hand, keeps the hope alive for buyers that they can push prices back up.

Traders should closely monitor today’s price action, as a decisive move in either direction could lead to significant market movements for Apple.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-apple-12