$AAPL Apple Inc. is showing multiple bullish indicating reversal patterns.
Lots going on in this chart lets review:
1. I'm spotting a FALLING WEDGE (marked in white). This could drop lower and tap the bottom trendline on the wedge for a third time before reversing, however, it held the $135.50 support Friday indicating a higher probability for upside. The first target/resistance level on the falling wedge is marked in white horizontal line.
2. Diamond bottom pattern is forming. Any sideways movement will only mark the probability of this pattern higher for a breakout.
3. Inverse Head & Shoulder. IF THE FALLING WEDGE reaches the first target and rejects, that will form another neckline to a inverse head and shoulder and the rejection could form the right shoulder. So far there is a more slanted inverse h&S that has currently formed on the chart, in addition, the selling volume is highest on the left shoulder indicating a textbook inverse H&S.
The RED bar marked near the top of the high is a GAP.
I'm adding APPLE to the top of my watch list for Tuesday morning and I will be observing these patterns closely for breakouts.
Apple has taken a big hit as all of the tech sector has in the stock market.
As far as fundamentals, no brainer that Apple is a leader in TECH.
Lots going on in this chart lets review:
1. I'm spotting a FALLING WEDGE (marked in white). This could drop lower and tap the bottom trendline on the wedge for a third time before reversing, however, it held the $135.50 support Friday indicating a higher probability for upside. The first target/resistance level on the falling wedge is marked in white horizontal line.
2. Diamond bottom pattern is forming. Any sideways movement will only mark the probability of this pattern higher for a breakout.
3. Inverse Head & Shoulder. IF THE FALLING WEDGE reaches the first target and rejects, that will form another neckline to a inverse head and shoulder and the rejection could form the right shoulder. So far there is a more slanted inverse h&S that has currently formed on the chart, in addition, the selling volume is highest on the left shoulder indicating a textbook inverse H&S.
The RED bar marked near the top of the high is a GAP.
I'm adding APPLE to the top of my watch list for Tuesday morning and I will be observing these patterns closely for breakouts.
Apple has taken a big hit as all of the tech sector has in the stock market.
As far as fundamentals, no brainer that Apple is a leader in TECH.