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Apple Inc. shares (NASDAQ:AAPL) have recently engaged in what is best called a “zigzag” movement. The market is currently favorable to swing trading, and the bias is bullish. When looking closely at the market, the ongoing price action is another good entry for buyers.
4 EMAs are used for this strategy and they are EMAs 10, 20, 50, and 200. The color that stands for each EMA is shown at the top left part of the chart. All the EMAs are essentially sloping upwards, though the price is slightly below the EMA 50, In case the EMA 50 is breached to the downside, the bullish outlook on the market will become invalid; otherwise, there is a “buy” setup in the market right now.
All the EMAs sloping upwards means that the underlying outlook is bullish, and buying seems plausible in the market as long as the EMA 50 is not broken to the downside.
Generally, AAPL is expected to trend northwards this year, reaching the supply zones at 17500, 18000 and 18500 respectively.
Teach Yourself Technical Analysis: Technical analysis
