AAPL surges, gaining $8.49 (4.23%) within a single day
Apple Inc. (AAPL) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team
AAPL finished Tuesday at 208.97 surging $8.49 (4.23%), notably outperforming the Nasdaq 100 (2.2%). This is the biggest single-day gain in over three months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 202.05, Apple confirmed its breakout through the prior session high after trading up to $10.09 above it intraday.
Daily Candlestick Chart (AAPL as at Aug 13, 2019):
Tuesday's trading range has been $11.66 (5.8%), that's far above the last trading month's daily average range of $4.48. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for AAPL.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 20-day moving average at 204.91 for the first time since August 1st. When this moving average was crossed above the last time on June 6th, AAPL gained 2.66% on the following trading day. Unable to break through the key technical resistance level at 210.64 (R1), the market closed below it after spiking up to 212.14 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Apple. Out of 279 times, AAPL closed higher 55.91% 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 60.57% with an average market move of 0.89%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are AMZN gaining 2.21% and GOOGL closing 1.89% higher. None of the markets ended the day in the red. Read more