Insights

Apple Inc. (AAPL, Nasdaq)

Apple is trading back above all it’s moving averages, clearing the 50 Day on Thursday and holding the 200 Day Moving Average after its 19.7% pullback from recent highs.

The RSI indicator for Apple, which measures a stock’s internal strength, showed something called a failure swing by dropping below 30, rising above 30, pulling back but not below 30, and then breaking to new highs.

Welles Wilder who invented the RSI considered this a positive sign suggesting a stock’s momentum is starting to improve. As it is, this failure swing occurred as AAPL stock was making a new low, another positive divergence, all of which preceded the strong share price move or f the last week.

We’d like to overweight our AAPL position but will wait to see how last week’s move is digested. 118 is key support.

Here you can find our recent article outlining our view on AAPL.

 

Apple: 3.5 Billion Reasons There Could be Big Things Ahead 

 

 

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