AAPL dominated by bulls lifting the market higher throughout the day
Apple Inc. (AAPL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AAPL finished the month 14.74% higher at 364.80 after gaining $3.02 (0.83%) today, strongly underperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 362.17, the market confirmed its breakout through the prior session high after trading up to $3.81 above it intraday.
Daily Candlestick Chart (AAPL as at Jun 30, 2020):
Tuesday's trading range has been $5.98 (1.66%), that's below the last trading month's daily average range of $9.09. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AAPL.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on June 2nd, AAPL gained 0.55% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Apple. Out of 105 times, AAPL closed higher 60.95% 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 69.52% with an average market move of 1.85%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are AMZN gaining 2.93% and FB closing 2.91% higher. None of the markets ended the day in the red. Read more