AAPL finds buyers again around 246.36
Apple Inc. (AAPL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AAPL ended Thursday at 258.44 gaining $12.92 (5.26%), slightly underperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 258.25, the stock confirmed its breakout through the previous session high after trading up to $0.41 above it intraday.
Daily Candlestick Chart (AAPL as at Mar 26, 2020):
Thursday's trading range has been $12.30 (4.99%), that's below the last trading month's daily average range of $16.16. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently 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 200-day moving average at 249.48 for the first time since March 17th. When this moving average was crossed above the last time on March 17th, AAPL actually lost -2.45% on the following trading day. Prices are trading close to the key technical resistance level at 268.25 (R1). After having been unable to move lower than 244.30 in the prior session, Apple found buyers again around the same price level today at 246.36.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Apple. Out of 15 times, AAPL closed higher 53.33% 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 73.33% with an average market move of 2.89%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 6.02% and GOOGL closing 5.56% higher. None of the markets ended the day in the red. Read more