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

By James Quinn

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 $316.65 and $318.10 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 $151.70 and a high of $317.57 and closed yesterday at $318.66, 110% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.5%.

Based on a current price of $318.66, Apple Inc is currently 38.5% above its average consensus analyst price target of $196.06. The stock should find initial support at its 50-day moving average (MA) of $280.73 and further support at its 200-day MA of $226.83.

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 recommended that subscribers consider buying shares of Apple Inc on August 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $211.84. Since that recommendation, shares of Apple Inc have risen 50.5%. 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