AAPL closed up 0.5 percent on Friday, May 31, 2024, on 1.27 times normal volume. Due to the stock's strong uptrend, it may remain overbought for a while. So, if you're looking for a reason to sell, don't put too much weight on it being overbought.
Current technical pattern is that of an ascending triangle. This is bullish with a potential breakout of the resistance at $198 on the weekly chart and $193 on the hourly chart.
Go long if it manages to close above resistance on strong volume.
Go short if it fails to break out but instead rejects at the resistance.
Bias is towards the bulls as the stock tends to go up leading towards WWDC (Jun 10)
What do you think?
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- Alex Tan·06-03appl has tremendous potentialLikeReport
- Drdeedee·06-03GoodLikeReport