This is the daily chart of Apple and market is about to open in few minutes. Stock seem to be forming bullish wedge and there have been three touchpoints at both top and bottom trendlines of the wedge.
It would be interesting to see if the stock still remains in the range and reverses after hitting the upper trendline or breaks out from it. Given the downward slant of the wedge, I am inclined towards a bullish outcome.
$177.6 is the resistance now. Note that stock is trading above 20, 40 and 200 DMAs, and also above the daily pivot which further creates a bullish bias.
[UPDATE – 22nd Dec, 2023] – Wedge has met it’s target price as per the height of structure. Chart below.
Disclaimer: This post is only meant to educate our users on technical analysis & chart patterns. It should not be used as a buy/sell signal.
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