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

By David Diaz

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. Yesterday's price range of $151.13 and $153.34 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. 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 (NASDAQ:AAPL) defies analysts with a current price ($152.54) 4.8% above its average consensus price target of $145.29. The stock should discover initial support at its 200-day moving average (MA) of $108.75 and subsequent support at its 50-day MA of $104.04.

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.

In the past 52 weeks, shares of Apple have traded between a low of $89.47 and a high of $156.65 and closed yesterday at $152.54, which is 70% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.7%.

SmarTrend recommended that subscribers consider buying shares of Apple on November 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $111.91. Since that recommendation, shares of Apple have risen 34.3%. We continue to monitor AAPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Apple

Ticker(s): AAPL