AAPL finds buyers at key support level

Apple Inc. (AAPL) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team


AAPL closes below its opening price unable to hold early session gains
AAPL finds buyers at key support level
AAPL closes within previous day's range


AAPL finished the week -0.13% lower at 318.31 after edging lower $0.92 (-0.29%) today, but still outperforming the Nasdaq 100 (-0.82%). Trading $3.07 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Wednesday, AAPL actually gained 0.48% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (AAPL as at Jan 24, 2020):

Daily technical analysis candlestick chart for Apple Inc. (AAPL) as at Jan 24, 2020

Friday's trading range has been $5.79 (1.81%), that's above the last trading month's daily average range of $4.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AAPL.

After trading down to 317.53 earlier during the day, the share bounced off the key technical support level at 317.57 (S1). The failure to close below the support could increase that levels importance as support going forward.

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

Selling might speed up should prices move below the close-by swing low at 315.65 where further sell stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Apple. Out of 303 times, AAPL closed higher 55.78% 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 64.03% with an average market move of 1.51%.

With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are GOOGL losing -1.25% and AMZN closing -1.22% lower. On the flipside the best performer has been NFLX closing 1.02% higher. Read more

Market Conditions for AAPL as at Jan 24, 2020

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