Stock of the day: Apple
18 May 2023
The debt ceiling relief rally is underway, so I guess it would be much safer to look for decent occasions to buy. A particularly interesting one can be spotted on Apple who has a buy signal as fresh as a morning bun.
Look at how smoothly the hourly chart has been trading since March. Apple is in a proper up-trend, supported by the green line. In the meantime, it had four bearish corrections (black) that were extremely technical and most of them were wedges. The most recent wedge finished yesterday, with the price breaking its upper line - this breakout is an invitation to go long.
We are yet about to see the opening today, but it will most probably be above the upper line of the wedge. As long as the price stays that way, we will have a positive sentiment and signal to buy. The price dropping below and perhaps further breaking the green line would cancel the positive sentiment and trigger a sell signal, but chances of that happening are now limited.