Over the past 5 months, Apple has fallen and risen again forming a “cup” price pattern. Or we could also say that it has fallen, risen, fallen, and risen again, similar to a double bottom pattern. Either works.
In any event, this pattern is a basing pattern and tends to be very bullish when price breaks out to new highs.
And Apple is currently attempting to do just that.
Today, we highlight this pattern and why Apple (AAPL) is a stock to watch in the days/weeks ahead.
Note that the following MarketSurge charts are built with Investors Business Daily’s product suite.
I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of tools, education, and technical and fundamental data.
$AAPL Apple Chart
As usual, I am sharing a pretty simple chart. Here we can see the “cup” or double bottom price formation. This pattern forms as price trades within a range outlined by the green dotted lines. We can also see that price is currently attempting to breakout to new highs. Stay tuned!
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
