Apple seems to have just broken out of a descending triangle. Although seemingly bullish, there is bearish divergence on the RSI, the stochasting RSI is also pointing straight down on the daily after just crossing (see update below for indicators). A pullback is likely on its way. The interesting thing to watch will be if the previous resistance from that descending triangle turns into support or falls through rather quickly.
In my opinion, the lower volume breakout to me does not ascertain a bullish environment, coupled up with the indicators listed above. Travel with caution in the meantime, it does not seem like the time to chase a trade.
In my opinion, the lower volume breakout to me does not ascertain a bullish environment, coupled up with the indicators listed above. Travel with caution in the meantime, it does not seem like the time to chase a trade.
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