- March 6, 2023
- Posted by: Tradingshot Articles
- Category: Stocks
Apple Inc. (AAPL) has just completed an Inverse Head and Shoulders pattern, with its Head being the January 03 market Bottom. The Bear Cycle isn’t technically over for Apple as the Channel Down that started back on the October 04 2021 Low hasn’t yet been broken. In fact since the last two Lower Highs sequences have been +31.11% and +36.78%, the current rally is limited within the red Triangle Zone. As a result we have a short-term target at $165.00.
With the Inverse Head and Shoulders though technically aiming much higher, supported also by a 1W MACD Bullish Cross, if Apple closes a 1W candle above the Channel Down, we will re-buy and target $190.00 on the long-term, which is just below the 2.0 Fibonacci extension level.