AAPL pops to highest close since November 1, 2018
Apple Inc. (AAPL) Technical Analysis Report for Sep 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AAPL finished Tuesday at 216.70 gaining $2.53 (1.18%), strongly outperforming the Nasdaq 100 (-0.23%). Today's close at 216.70 marks the highest recorded closing price since November 1, 2018. Trading up to $2.15 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 4th, AAPL gained 1.96% on the following trading day. Closing above Monday's high at 216.44, the share confirmed its breakout through the previous session high after trading up to $0.34 above it intraday.
Daily Candlestick Chart (AAPL as at Sep 10, 2019):
Tuesday's trading range has been $5.07 (2.37%), that's slightly above the last trading month's daily average range of $4.10. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AAPL.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
After having been unable to move lower than 211.07 in the prior session, the market found buyers again around the same price level today at 211.71.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 221.37, upside momentum could speed up should Apple be able to break out to new highs for the year. Further buying might move prices higher should the market test August's close-by high at 218.03.
Among the nine 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 314 times, AAPL closed higher 57.01% 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 60.83% with an average market move of 1.05%.
With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -2.16% and FB closing -1.37% lower. On the flipside the best performer has been GOOGL closing 0.04% higher. Read more