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

By Nick Russo

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 $323.35 and $325.96 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.

In the past 52 weeks, Apple Inc share prices have been bracketed by a low of $169.25 and a high of $327.85 and closed yesterday at $324.66, 92% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 1.6%.

Apple Inc (NASDAQ:AAPL) is currently priced 39.6% above its average consensus analyst price target of $196.06. The stock should discover initial support at its 50-day moving average (MA) of $299.66 and subsequent support at its 200-day MA of $236.82.

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. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

SmarTrend is tracking the current trend status for Apple Inc and will alert subscribers who have AAPL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle apple inc

Ticker(s): AAPL