Apple Inc. and its wholly-owned subsidiaries design, manufacture, and
market mobile communication and media devices, personal computers, and
portable digital music players worldwide. It also sells software,
services, peripherals, networking solutions, and third-party digital
content and applications related to its products. The company offers
iPhone, a line of smartphones that comprise a phone, music player, and
Internet device; iPad, a line of multi-purpose tablets based on Apple's
iOS Multi-Touch operating system; Mac, a line of desktop and portable
personal computers; and iPod, a line of portable digital music and media
players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic.
It also provides Apple TV, a portfolio of consumer and professional
software applications, the iOS and OS X operating systems, iCloud, and
various accessories, service and support offerings; and manufactures the
Apple LED Cinema Display and Thunderbolt Display.
To review Apple's stock, please take a look at the 1-year chart of AAPL (Apple, Inc.) below with my added notations:
Notice the rising wedge I have outlined on the chart of AAPL. A
rising wedge price pattern is essentially a type of triangle formation
in which the stock (AAPL) has formed an up trending resistance line and
an up-trending support level (red). These two trend lines converging on
one another combine to form a rising wedge, which is usually a terminal
pattern (bearish). Confirmation of this pattern would occur if the stock
broke the up-trending support.
The Tale of the Tape: AAPL has created a rising wedge pattern, which
should lead to a break lower. A short trade could be entered on a break
out of the bottom of the wedge, which currently sits near $500. If a
trader believes the stock has higher prices in it's future, a long play
could be made at that support with a stop placed below that level.
Please share this article
No comments:
Post a Comment