Corey Rosenbloom: With all the attention focused on the iPhone 6 this weekend, traders may be missing an iTriangle Pattern forming on the stock chart of Apple Inc. (NASDAQ:AAPL) shares.
Let’s take a look at the Classic Chart pattern, note the boundaries, and trading tactics we may use as this pattern develops.
Shares continue a strong bullish uptrend as evidenced by higher price highs and higher price lows.
We also observe the most bullish orientation possible in the moving average structure of price in the trend.
Initially, we’ll focus our attention on the confluence of the $100 per share “round number” area with the rising 20 day EMA (today’s low so far).
We can also see that Apple shares have a recent tendency of breaking slightly under the 20 EMA and testing (touching) the rising 50 day EMA.
If this pattern continues, the lower 50 day EMA intersects $98.00 per share (key support).