Apple tape looks bullish, says this guy

"Each dip is gobbled up quicker than the one before."

From Sam Quirke's "Is Apple Going To Rally Into Year End?" posted Thursday on MarketBeat:

Sometimes there’s a lot to be said for just reading the tape. Back in the day, investors didn’t have access to breaking news, or even old news like we do today, but they still made money by looking at a stock’s chart and forming an educated opinion. Looking at Apple (NASDAQ: AAPL), its chart paints a pretty picture right now. Having slammed into a 52-week low back in June, shares came close to retaking all-time highs in August before dipping again into the fall. But crucially, they came nowhere near June’s low and even into this week continue to move up higher.

Visually and technically speaking, it’s clear that Apple’s stock is setting higher lows. This is one of the most bullish patterns a stock can form and tells a lot about how keen the market is to get involved when each dip is gobbled up quicker than the one before. While we’ve yet to see higher highs confirm the bullish setup, things look good heading into the last few weeks of the year.

My take: I like the image of dips getting gobbled up more rapidly each time.

6 Comments

  1. Gregg Thurman said:
    But crucially, they came nowhere near June’s low and even into this week continue to move up higher.

    The only chart I pay serious attention to is AAPL’s daily low print. Everything else is higher. Unless you plan on Shorting AAPL the remaining daily prints mean nothing.

    4
    December 1, 2022
    • John Konopka said:
      What do you see for AAPL in the next week or two? My best guess looking at the options is that it goes sideways or slightly up (barring any news).

      0
      December 1, 2022

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