Stock of the day: Apple

By Tomasz Wisniewski|

Published: July 08 2022, 10:09 GMT+0

Stock of the day: Apple

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On the last day of the week, we will analyze tech giant, and FANG stock, Apple, for the first time since May 11. Back then, the price was around 153 USD and we were quite bearish, anticipating a bearish breakout from the Head and Shoulders pattern:

“The sell signal on Apple will be triggered when Apple closes the day below the black up trendline. The chances of that happening with the current global sentiment are quite high.”

The breakout did happen and the price dropped. The lowest point was in June, when the price dropped below 130 USD. Since then, a slow recovery started. A recovery which may soon accelerate as we can see a nice bullish pattern on the horizon. It is an inverse head and shoulders pattern (yellow) and actually it’s up and running.

In this week, Apple managed to break the neckline (red) of the inverted Head and Shoulders formation and the mid-term down trendline (green). All that is bullish and sets the buy signal on this instrument. The positive sentiment continues here, as long as the price stays above the neckline and it’s currently hard to imagine another option.

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