Bullish Triangle on AAPL Stock – Sept 24, 2014

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Bullish Triangle on AAPL Stock - Sept 24, 2014

Bullish Triangle on AAPL Stock - Sept 24, 2014

AAPL stock has consolidated above the support on the 50 simple moving average for quite some time, yet the recent formation suggests that more upside is possible. Price has formed a bullish triangle, as it made higher lows and found resistance around the $102.65/share level.

MACD is on middle ground and not offering clear clues at the moment, although the uptrend for AAPL stock remains intact. This suggests that the path of least resistance is still to the upside, as the trend could keep the rally sustained.

RSI is hinting at a pickup in buying momentum, as the oscillator is starting to climb. An upside break from the consolidation pattern could lead to gains until the $105.00/share level, depending on how the latest set of Apple products are received by the markets.

AAPL Stock Outlook

So far, the reviews for the iPhone 6 and iPhone 6 Plus have been mixed, with many complaining about the gadget’s hefty price tag. Other products recently launched have yet to see feedback, such as the Apple Watch and the Apple Pay platform.

Negative reviews might lead to a downside break from consolidation and possibly a test of the 50 SMA support at the $99.00/share area. However, the $100.00/share major psychological level may hold as support for AAPL stock in the near term.

A break below this area would reflect a stronger selloff, which might lead to a test of the area of interest near the $95.00/share level. This area could attract more buyers, as investors are keen to invest on AAPL stock at much cheaper prices.

Risk sentiment might continue to have a say in price action moving forward, with the latest geopolitical risk from the US airstrikes in Syria likely to keep equity gains in check. AAPL stock might resume its strong climb as the Christmas holidays draw near, as consumers look into buying Apple products for gifts.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com