A month ago today the Power of the Pattern was calling for a “Turn Around” in Apple, due to triple support, a bullish falling wedge and low bullish sentiment, when it was trading at $392 per share. (see post here)
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After the above post sharing that a turn around was due in Apple, it quickly rallied 16% in 10 business days, moving up to its Fibonacci 23% retracement line. The above updated reflects that Apple could be forming a bullish inverse head & shoulders pattern.
It would take a break above the neckline ($465) to confirm this potential pattern. If Apple can succeed breaking this neckline, it would be very positive for the stock and odds are high it would make Apple bulls a little happier!
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