Hello fellow traders,
Today we are looking at the daily chart for Apple Inc (AAPL) on the NASDAQ. We can see on the chart that prices peaked around $138 on the last bullish wave, before seeing a correction back down to the $100 level throughout September. Prices bounced in October, only to correct back down once again. Now, we see that a double bottom has been printed near multiple EMAs, with a slightly higher low.
Prices are trading above all EMAs, the RSI is climbing, and the MACD has given off a bullish cross towards the upside. We can also see some increasing buy volume coming in. All of these are bullish signals. From here, prices can easily move up (blue path). However, prices may face some rejection and continue trading within this wedge pattern a little longer (red path). A potential entry zone currently would be $105-$125, with a stop loss around $100. Potential targets may be $138 (+15%) and $150 (+27%). If prices breakout past the most recent high, the1.618 Fibonnacci level target would be around $160 (+33%).
Of course, there is a lot of uncertainty around the world right now and elections are coming to an end, so this is not guaranteed. However, based off the signals on this chart, AAPL may be picking up some bullish momentum, and a breakout may be imminent.
Let me know your own thoughts and comments down below. Remember to leave a like if you enjoyed the post, and follow me for more stock and cryptocurrency ideas. Thanks for reading!
Price at writing: $119.05
Today we are looking at the daily chart for Apple Inc (AAPL) on the NASDAQ. We can see on the chart that prices peaked around $138 on the last bullish wave, before seeing a correction back down to the $100 level throughout September. Prices bounced in October, only to correct back down once again. Now, we see that a double bottom has been printed near multiple EMAs, with a slightly higher low.
Prices are trading above all EMAs, the RSI is climbing, and the MACD has given off a bullish cross towards the upside. We can also see some increasing buy volume coming in. All of these are bullish signals. From here, prices can easily move up (blue path). However, prices may face some rejection and continue trading within this wedge pattern a little longer (red path). A potential entry zone currently would be $105-$125, with a stop loss around $100. Potential targets may be $138 (+15%) and $150 (+27%). If prices breakout past the most recent high, the1.618 Fibonnacci level target would be around $160 (+33%).
Of course, there is a lot of uncertainty around the world right now and elections are coming to an end, so this is not guaranteed. However, based off the signals on this chart, AAPL may be picking up some bullish momentum, and a breakout may be imminent.
Let me know your own thoughts and comments down below. Remember to leave a like if you enjoyed the post, and follow me for more stock and cryptocurrency ideas. Thanks for reading!
Price at writing: $119.05
