Shares of Apple ( AAPL) are watched closely by many fundamental and technical analysts. That is nothing new but let's check on the condition of the charts to see if they suggest anything ahead of the Fed's next moves.
In this daily Japanese candlestick chart of AAPL, below, I can see that prices made a low in late December/early January. AAPL rallied quickly into February before a pullback into early March. Shares just made a slight new high for the move up but our analysis doesn't stop there.
Today's candle is a doji - it could change by the close of trading - which is a balance between bulls and bears. The open and the close is the same or nearly the same. A bearish (red) candle on Wednesday would be confirmation should it happen.
The daily On-Balance-Volume (OBV) line is confirming price strength but the 12-day price momentum study shows a lower high from February to March. This is a bearish divergence and could foreshadow price weakness ahead.
In this daily Point and Figure chart of AAPL, below, I can see an upside price target in the $177 area but a trade at $158.62 is needed to refresh the uptrend.
Bottom line strategy: It is often said that technical analysis, and charts and indicators, are very subjective. Two analysts can come to different conclusions. I get that but I just want to point out that shares of AAPL are at a "pivot point". Stay close.
I may be guilty of wishful thinking, but it looks like the market is finally moving beyond the Federal Reserve.
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