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

By Amy Schwartz

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 $269.93 and $270.13 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.

In the past 52 weeks, shares of Apple Inc have traded between a low of $142.00 and a high of $270.13 and are now at $270.02, which is 90% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.8%.

Apple Inc (NASDAQ:AAPL) is currently priced 27.4% above its average consensus analyst price target of $196.06. The stock should find initial support at its 50-day moving average (MA) of $248.49 and further support at its 200-day MA of $210.97.

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 27.8%. We continue to monitor AAPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle apple inc

Ticker(s): AAPL