AAPL closes within prior day's range

Apple Inc. (AAPL) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team


AAPL closes below its opening price unable to hold early session gains
AAPL closes higher for the 2nd day in a row
AAPL closes within previous day's range


Moving higher for the 2nd day in a row, AAPL finished Tuesday at 199.25 edging higher $0.02 (0.01%), slightly underperforming the Nasdaq 100 (0.34%). Trading $1.91 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (AAPL as at Apr 16, 2019):

Daily technical analysis candlestick chart for Apple Inc. (AAPL) as at Apr 16, 2019

Tuesday's trading range has been $2.81 (1.41%), that's slightly below the last trading month's daily average range of $3.72. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AAPL.

Three candlestick patterns are matching today's price action, the Bearish Hikkake Pattern, the Bearish Spinning Top and the Shooting Star which are known as bearish patterns. The last time a Bearish Hikkake Pattern showed up on March 29th, AAPL actually gained 0.68% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Selling could accelerate should prices move below the close-by swing low at 196.21 where further sell stops might get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Apple. Out of 316 times, AAPL closed higher 57.59% 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 62.03% with an average market move of 1.20%.

With three out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 3.04% and AMZN closing 0.98% higher. On the flipside the worst performer has been FB closing -0.43% lower. Read more

Market Conditions for AAPL as at Apr 16, 2019

Loading Market Conditions for AAPL (Apple Inc.)...
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