The first pattern on today’s chart is its super-tight bandwidth, which yesterday was the narrowest since December 2019. That could suggest price is overdue for a move.
But which way will it go? just turned positive (the second pattern), which could indicate the move will be higher.
Third, AAPL has held its 200-day ( ). Notice the false breakdown below that line on Thursday, which was followed by something of a kicker pattern.
Next is the declining starting on May 7. A confirmed move above that line, with the 200-day pushing up from below, may leave the bears with few options and draw buyers from the sidelines.
This price action comes as AAPL unveils new operating systems and privacy features at its developer conference (WWDC). While the announcements don’t seem to have an immediate financial impact , they could be simply because the event has passed. Investors waiting to enter may have less reason to delay, and the longer-term uptrend (albeit slow and painful) can potentially resume.
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