Apple Inc. (NASDAQ:AAPL) set to be final FAANG stock to flash ‘golden cross’ chart pattern

Apple Inc. (NASDAQ:AAPL) set to be final FAANG stock to flash ‘golden cross’ chart pattern

Apple Inc. (NASDAQ:AAPL) set to be final FAANG stock to flash ‘golden cross’ chart pattern

Apple Inc.’s stock AAPL, -2.70% slipped 0.7% in premarket trade Tuesday, but the technology giant’s stock chart is on track to flash a “golden cross” technical pattern, to join the rest of the FAANG stocks and major stock market indexes that have already flashed the bullish pattern. Apple’s 50-day moving average (DMA), a short-term trend trackers, is headed to rise to $192.615 at the open from $191.930 at Monday’s close, according to FactSet, crossing above the 200-DMA, a guide to the long-term trend, which is set to rise to $192.439 from $192.356.

Many chart watchers view a golden cross as marking the spot where a shorter-term rally transitions to a longer-term uptrend. Among other FAANG stocks, golden crosses had already appeared for Facebook Inc. FB, -2.12% on April 3, Amazon.com Inc. AMZN, -1.51% on April 25, Netflix Inc. NFLX, -2.17% on March 13 and Google-parent Alphabet Inc. GOOGL, -1.22% on March 29. The Nasdaq Composite compq chart produced a golden cross on April 3 and the Dow Jones Industrial Average DJIA, -1.79% chart produced the pattern on March 19.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 211.40.

The projected lower bound is: 195.46.

The projected closing price is: 203.43.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 51.2851. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.81. 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 sell 1 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 -55. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed down -5.620 at 202.860. Volume was 26% above average (neutral) and Bollinger Bands were 28% narrower than normal.

Open High Low Close Volume___
205.880 207.417 200.825 202.860 38,763,696

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 206.48 192.50 192.41
Volatility: 38 26 39
Volume: 31,239,538 28,382,862 34,258,312

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.

Summary

APPLE INC is currently 5.4% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 70 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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