The past weeks we saw how apple is trading inverse with the markets. The daily chart is forming an inverse head and shoulders pattern.
These days apple is more like a safe haven. The past weeks I see that Apple is selling when the markets are going higher, and when the markets are going down apple is going higher. People take apple as a safe stock. Now the daily pattern is pointing out a potential inverse head and shoulders pattern. Is it time to buy apple already? No, I will wait until the pattern triggers. Upside target on apple will be $540.
Watch apple the coming days and see if we can close above the neckline! Stop loss on the trade will be a close below the neckline.
Kristof De Block