Potential Breakout in Apple
By:TradingView
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Apple has been snoozing for months, but there could be signs of a breakout
The first pattern on today’s chart is $278.85, the final price on November 28. AAPL probed that weekly level a few times but was unable to end a week above it until last Friday, May 4. Closing above it may suggest a longer-term breakout is taking place.
Second, the tech giant held its rising 200-day moving average in early April. That could be consistent with a longer-term uptrend.
Next, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Those readings may signal short-term bullishness.
Finally, AAPL is a highly active underlier in the options market. (Its average daily volume of 1.1 million contracts ranks third in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is $278.85, the final price on November 28. AAPL probed that weekly level a few times but was unable to end a week above it until last Friday, May 4. Closing above it may suggest a longer-term breakout is taking place.
Second, the tech giant held its rising 200-day moving average in early April. That could be consistent with a longer-term uptrend.
Next, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Those readings may signal short-term bullishness.
Finally, AAPL is a highly active underlier in the options market. (Its average daily volume of 1.1 million contracts ranks third in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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