AAPL closes above its opening price after recovering from early selling pressure

Apple Inc. (AAPL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


AAPL closes above its opening price after recovering from early selling pressure
AAPL finds buyers again around 322.85
AAPL stuck within tight trading range
AAPL closes within previous day's range after lackluster session


AAPL finished the week 1.54% higher at 324.95 after edging higher $0.08 (0.02%) today on low volume, slightly underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $1.89 lower after the open, Apple managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (AAPL as at Feb 14, 2020):

Daily technical analysis candlestick chart for Apple Inc. (AAPL) as at Feb 14, 2020

Friday's trading range has been $3.13 (0.96%), that's below the last trading month's daily average range of $5.83. 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. Prices continued to consolidate within a tight trading range between 321.47 and 327.22 where it has been caught now for the last three trading days.

Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Bullish Spinning Top which are both known as bullish patterns.

After having been unable to move lower than 323.35 in the previous session, the stock found buyers again around the same price level today at 322.85. The last time this happened on January 8th, AAPL gained 2.12% on the following trading day.

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

Buying might accelerate should prices move above the nearby swing high at 327.22 where further buy stops could get activated. With prices trading close to this year's high at 327.85, upside momentum might speed up should the market be able to break out to new highs for the year.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Apple. Out of 552 times, AAPL closed higher 53.44% 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 63.04% with an average market move of 1.41%.

With two of the other FAANG Stocks closing higher and two closing lower today, the winners of the day are FB surging 0.49% and GOOGL gaining 0.35%. On the flipside the worst performers have been AMZN closing -0.7% lower and NFLX losing -0.26%. Read more

Market Conditions for AAPL as at Feb 14, 2020

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