Apple broke higher this week on the back of the new AII news for the company (and its products announced ar the World Wide Developers Confeence.
Fundamentally, the hope is the new AI initiatives will stir a new round of product upgrades for its user base. That is something new vs what has been ho-hum improvements in the camera or other services.
Technically, the price broke out of an up-and-down trading range that has confined the stock between $165 and $200 since April 2023. Non-trending transitions to trending and if so, the trend has restarted with the breakout this week. That is very IMPORTANT..
What next?
Trends tend to be “fast, directional, and tend to go farther than what traders think” (or expect). If so, the move this week is only the beginning.
If the goal is to stay on the trend, it is important to know when price action is not trending anymore. Technical tools will help to tell that story.
In this video, I discuss the breakout and more importantly outline where the trend is in jeopardy. As long as the describe technical levels are not breached, the buyers and trend remain intact. We all want to ride the trend.
Morevoer, if you want to be aggressive on a correction to “get in” on the trend or add to your position, I will outline the low-risk levels on a correction, that would be a good level/area to buy the stock “on sale”.
In
This article was written by Greg Michalowski at www.forexlive.com.
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