Apple Inc. stock (NASDAQ:AAPL) has managed to generate a dependable “buy”
signal after recent weeks of bearishness. This may be a beginning of a new and
prolonged bullish run.
Apple was in a nice bullish movement from October 2019 to February 2020;
after which it experienced a massive plunge in February and March. In April,
price bottoms as bulls begin to make effort to push price upwards. This frantic
effort by bulls are beginning to pay off as price has now crossed the upper Trendline
to the upside and closed above it. At the same time, the RSI period 14 has also
moved above the level 50; which all indicates a bullish signal.
Price is expected to move higher from this point, and the bullish signal
will remain dependable as long as the RSI is above the level 50 and price
remains above the upper Trendline. It is even expected that the RSI would soon
saunter into the overbought territory soon, as the current bullish rally
becomes very strong.
The outlook for AAPL is bright and the resistance levels at 300.00, 350.00
and 400.00 remains attainable.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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