Apple Inc. (NASDAQ:AAPL) stock forms the sixth inside bar technical formation of this quarter as price action volatility decreases
Apple Inc. (NASDAQ:AAPL) stock has closed out Thursday trading indecisively which has resulted in an inside bar technical formation in its wake. Momentum of AAPL is continuing to deteriorate, so such formations will become more abundant as price action volatility remains weakened. Since this is the sixth inside bar that has been formed over the last quarter of this year, they should be analyzed to see what probability may bring.
The first ‘IB’ (inside bar) was the result AAPL’s trend exhibiting a bullish continuation. The second one is a case of AAPL failing to fall below support as shares were consolidating which shows similarities of the current day trend. However the third and forth IB’s momentum nowhere to be found, and on November 12th volume spiked amid a brief sell off which drove shares of AAPL slightly below former intermediate support.
The fifth, and positive result of a IB on balance volume began to ramp up support signaling buying interest had returned and eventually Apple’s stock hit the now current yearly high of $325.06 per share. But price action volatility continues to be scarce as AAPL plows through uncharted territory at this time. While small on the provided daily chart and difficult to see, on balance volume has substantially increased comparative to the days before which does increase probability of a bullish break of the inside bar, even as stoc dwindles and MACD sits on the sideline trying to make sense of the rampant consolidation.
The overall trend remains bullish as any child could point out if shown a chart. At this moment Apple has a market value of $293,482,113,750 and there remains 913,563,000 shares outstanding.