Apple price action generates a valid bullish signal

PUBLISHED: 12 Apr 2020 @ 09:03 | Comments (0) | More info about Azeez Mustapha

Apple Inc. stock (NASDAQ:AAPL) has managed to generate a dependable “buy” signal after recent weeks of bearishness. This may be a beginning of a new and prolonged bullish run.

Apple was in a nice bullish movement from October 2019 to February 2020; after which it experienced a massive plunge in February and March. In April, price bottoms as bulls begin to make effort to push price upwards. This frantic effort by bulls are beginning to pay off as price has now crossed the upper Trendline to the upside and closed above it. At the same time, the RSI period 14 has also moved above the level 50; which all indicates a bullish signal.

Price is expected to move higher from this point, and the bullish signal will remain dependable as long as the RSI is above the level 50 and price remains above the upper Trendline. It is even expected that the RSI would soon saunter into the overbought territory soon, as the current bullish rally becomes very strong.

The outlook for AAPL is bright and the resistance levels at 300.00, 350.00 and 400.00 remains attainable.

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