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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Apple (NASDAQ:AAPL) based on the price action in the company's shares. Today's price range of $96.59 and $97.80 is within yesterday'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. Traders and investors interested in shares of Apple may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 (NASDAQ:AAPL) has potential upside of 51.4% based on a current price of $97.08 and analysts' consensus price target of $146.95. Apple shares should first meet resistance at the 50-day moving average (MA) of $104.31 and find additional resistance at the 200-day MA of $109.79.

Apple share prices have moved between a 52-week high of $134.54 and a 52-week low of $92.00 and are now trading 6% above that low price at $97.08 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.3%.

SmarTrend is monitoring the recent change of momentum in Apple. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Apple in search of a potential trend change.

Keywords: bullish inside day candle Apple

Ticker(s): AAPL