Apple Inc. (NASDAQ:AAPL) could ride a wave of optimism heading into that summit
After months of negotiation, the U.S. is reportedly close to entering a trade agreement with China, a deal that could be sealed at a summit between President Donald Trump and Chinese President Xi Jinping at the end of the month.
Tech stocks caught in the trade crosshairs, such as Apple, could ride a wave of optimism heading into that summit, said Sarah Potter, author of “How You Can Trade Like a Pro.”
“Apple has just been sitting here and waiting for an opportunity to get even higher than where it has been lately,” Potter said on CNBC’s “Trading Nation ” on Tuesday. “As an options trader, I think this is a really great opportunity to start looking for trades in a stock like this, as we are seeing it move sideways.”
Overall, the bias in prices is: Sideways.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 173.74.
The projected upper bound is: 186.08.
The projected lower bound is: 163.67.
The projected closing price is: 174.87.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 50.6712. This is not an overbought or oversold reading. The last signal was a sell 17 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 60.68. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 41 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 59. This is not a topping or bottoming area. The last signal was a sell 1 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 sell 4 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -1.010 at 174.520. Volume was 46% below average (neutral) and Bollinger Bands were 72% narrower than normal.
Open High Low Close Volume___
174.670 175.490 173.940 174.520 20,810,384
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 174.15 162.52 190.95
Volatility: 13 46 38
Volume: 22,502,736 34,328,364 32,633,180
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 8.6% below 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 volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 27 periods.
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