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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Apple Inc (NASDAQ:AAPL) based on the price action in the company's shares. Yesterday's price range of $272.43 and $274.88 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 Inc 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 (NASDAQ:AAPL) is currently priced 28.4% above its average consensus analyst price target of $196.06. Apple Inc shares should encounter resistance at the 50-day moving average (MA) of $275.88 and support at its 200-day MA of $255.51.

Over the past year, Apple Inc has traded in a range of $170.27 to $327.85 and closed yesterday at $274.00, 61% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has risen 0.4%.

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 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: bullish am inside day candle apple inc

Ticker(s): AAPL