AAPL
broke out of a bullish channel in late June of this year and then experienced a blow off top after a 4 to 1 stock split was announced on July 30th. After the announcement, the stock skyrocketed 55% to new ATH on 2nd of September. The stock has since cooled by as much as 25%. More noticeably, AAPL has been forming a large symmetrical wedge pattern. A symmetrical wedge is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. After this period of consolidation and indecision, the symmetrical wedge in considered a continuation pattern. AAPL broke out on this pattern on December 1st and now looks to be testing support on 9th of November, which may act as resistance before the next leg up. AAPL may fall more to retest the top of the wedge first, though. Should the breakout remain bullish, there could be as much as 29% upside before tagging the top of the newly formed parallel channel. My outlook on AAPL remains bullish, both from this technical perspective and fundamentally. The release of the M1 chip is a game changer.
Comment:
Keeping a close eye on Apple, after it made a strong 5% move yesterday after strong iPhone 12 demand has led Apple to boost iPhone production plans for 2021 by between 20% and 30%, according to a Nikkei report today.