AAPL closes lower for the 2nd day in a row
Apple Inc. (AAPL) Technical Analysis Report for Dec 06, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AAPL finished Thursday at 174.72 losing $1.97 (-1.11%), strongly underperforming the Nasdaq 100 (0.64%) ahead of tomorrow's NFP report. The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (AAPL as at Dec 06, 2018):
Thursday's trading range has been $4.32 (2.52%), that's below the last trading month's daily average range of $5.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AAPL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 28th, AAPL actually lost -0.77% on the following trading day.
Prices are trading close to the key technical resistance level at 177.03 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test November's nearby low at 170.26.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Apple. Out of 405 times, AAPL closed higher 55.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.98% with an average market move of 1.27%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 2.74% and AMZN closing 1.85% higher. None of the markets ended the day in the red. Read more