Apple Inc. (NASDAQ:AAPL) Advanced 19.6% in August
Shares of Apple (NASDAQ: AAPL) surged in August after the company delivered a strong third-quarter earnings report at the end of July. The iPhone maker reported revenue growth of 17% year over year, which is the strongest growth rate in 11 quarters. On top of that, earnings per share exploded 40% year over year, which got a boost from share repurchases Opens a New Window. and a lower tax rate as a result of the 2017 Tax Act.
Apple shares finished the month up 19.6%, according to data provided by S&P Global Market Intelligence Opens a New Window. .
When Apple launched its new flagship iPhone X at an astoundingly high price of $999 last fall, many people feared consumers wouldn’t pay up. There has also been an ongoing concern about what impact a peaking smartphone market may have on Apple’s revenue growth over time, especially because iPhone sales made up 62% of trailing-12-month revenue.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 208.56.
The projected upper bound is: 234.76.
The projected lower bound is: 220.77.
The projected closing price is: 227.76.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.2995. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 79.62. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 17 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 111.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 9 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -1.490 at 226.870. Volume was 28% above average (neutral) and Bollinger Bands were 31% wider than normal.
Open High Low Close Volume___
228.990 229.670 225.100 226.870 33,332,960
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 221.52 201.96 182.31
Volatility: 11 22 27
Volume: 27,979,142 24,896,866 30,177,900
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
APPLE INC is currently 24.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into AAPL.O (mildly bullish). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 38 periods. Our momentum oscillator is currently indicating that AAPL.O is currently in an overbought condition.