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Possible Bearish Inside Day Candle Pattern Detected for Apple Inc (NASDAQ:AAPL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Apple Inc (NASDAQ:AAPL) based on the price action in the company's shares. Yesterday's price range of $186.25 and $186.25 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Apple Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

Apple Inc has overhead space with shares priced $186.53, or 4.9% below the average consensus analyst price target of $196.06. The stock should find resistance at its 200-day moving average (MA) of $190.66, as well as support at its 50-day MA of $167.68.

Apple Inc share prices have moved between a 52-week high of $233.47 and a 52-week low of $142.00 and closed yesterday at 31% above that low price at $186.53 per share. The 200-day and 50-day moving averages have moved 0% lower and 1.36% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Apple Inc on January 30th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $163.19. Since that recommendation, shares of Apple Inc have risen 15.2%. We continue to monitor AAPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle apple inc

Ticker(s): AAPL