Chart of the Day: Apple’s Bullishness Can’t Be Ignored
The stock has Teflon around it. Nothing bad sticks.
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It is hard to fault Apple (AAPL) as it continues to advance and push to all-time highs. While the stock has been volatile lately, even on the worst days for markets it seems the big iPhone maker is always poised to run higher.
That is a vote of confidence from the investing public and with a new catalyst through the end of the year (iPhone and foldable phone) it seems unrealistic anyone would want to take a bearish position before some numbers are released.
The indicators are bullish, with strong MACD, money flow and the ADX pointing higher. That tells us a strong trend is about the get underway, and it appears to be bullish.
Momentum is back with Apple, with the stochastics pushing higher while volume trends are bullish. We’ll continue to hear more details about the new iPhones in the coming weeks, and then the earnings catalyst hits at the end of October.
We like Apple in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long AAPL.
