Stock of the day: Apple

By Tomasz Wisniewski|

Published: March 20 2023, 14:11 GMT+0

Stock of the day: Apple

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This week is crucial for the financial markets as on Wednesday, we will hear the interest rate decision from the FED which should indicate the direction for the next few weeks. Ahead of this decision and in the middle of the bank crisis saga, Apple is trading relatively strong compared to other big companies. Actually, from the technical point of view, we are very close to a major buy signal.

Since the middle of September, Apple has created a huge inverse head and shoulders (yellow) on the chart. The formation is finished and ready for activation. As you know, the buy signal from this pattern is triggered when the price breaks the neckline. In our case, the neckline is the green horizontal resistance on the 157 USD. With all the negativity around, chances of the breakout are not huge, but we cannot exclude this scenario.

In case of a bigger market meltdown, Apple can bounce off the green area and drop lower. The mid-term sell signal will be triggered when the price breaks the black up-trendline. We have yet to see what this week brings us but, in general, it would be really nice to witness the price closing a day above the green area and, consequently, a buy signal.

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

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