Apple has had a sharp pullback after splitting its stock. Now some new catalysts are in focus with the product event tomorrow and potentially new iPhones later in 2020. Let’s study the chart before Tim Cook takes the stage at 1pm ET on Tuesday.
First, stochastics show AAPL is the most oversold since late March. That alone might grab some attention.
Next, AAPL has been holding around $110. This is near the (split-adjusted) low from the week of August 10-14. It’s also near the low after the big selloff week of August 31-September 4.
Interestingly, last week’s low of exactly $110 was $0.89 under the previous week’s low. However, it quickly bounced and closed above it: a false breakdown.
The weekly chart also highlights the large spinning-top/doji candle. That halted the advance of both AAPL and the
NDQ
at the time, but they’ve been holding the bottom of that candle since.
These patterns potentially suggest AAPL has found a bottom for now, with the possibility of upward momentum continuing as new products and services roll out.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
First, stochastics show AAPL is the most oversold since late March. That alone might grab some attention.
Next, AAPL has been holding around $110. This is near the (split-adjusted) low from the week of August 10-14. It’s also near the low after the big selloff week of August 31-September 4.
Interestingly, last week’s low of exactly $110 was $0.89 under the previous week’s low. However, it quickly bounced and closed above it: a false breakdown.
The weekly chart also highlights the large spinning-top/doji candle. That halted the advance of both AAPL and the
NDQ
at the time, but they’ve been holding the bottom of that candle since.
These patterns potentially suggest AAPL has found a bottom for now, with the possibility of upward momentum continuing as new products and services roll out.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
