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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. Today's price range of $261.09 and $261.94 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. 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 mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications.

Based on a current price of $261.75, Apple Inc is currently 25.1% above its average consensus analyst price target of $196.06. The stock should discover initial support at its 50-day moving average (MA) of $231.68 and subsequent support at its 200-day MA of $202.43.

In the past 52 weeks, Apple Inc share prices have been bracketed by a low of $142.00 and a high of $262.46 and are now at $261.75, 84% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.8%.

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 inside day candle apple inc

Ticker(s): AAPL