Apple (AAPL): A Strong Buy Opportunity

29 nov 2020

In this analysis, I will be taking a purely technical approach to Apple (AAPL), and why this might be a good buy opportunity.

Analysis
- To begin with, we can see that the stock is moving in an overall uptrend
- It has completed a textbook Elliott Impulse Wave (12345) count, and has been consolidating in a bullish pennant structure
- Within the triangle, we can count Elliott Triangle Waves (ABCDE), with the final wave having completed
- The Relative Strength Index (RSI) has been flushed out from overbought levels
- The Stochastic Oscillator shows a golden cross, with potential for a breakout to take place very soon
- Prices have bounced on the 100 Simple Moving Average (SMA), and is trading above the 20 SMA as well
- Based on the Fibonacci retracement, prices are trading above the 0.382 support.
- If we can see a breakout and close above the 0.786 fib resistance at $130, we could potentially create a new all time high level

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