The chart below takes a look at Apple, as it could be creating a bullish reversal pattern (wick) at dual support. If this is true and should it push higher, it could help the Nasdaq Composite index avoid a double top pattern.
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Apple looks to be testing dual support at (1) above. The week is not complete, so far though, Apple looks to be creating a bullish wick (reversal pattern) at dual support.
The Power of the Pattern shared months ago (when it was trading at $108) that Apple could push up to the $150 level, where it would then face dual long term resistance levels. (see $150 post here)
Could what Apple does here become very important to the Nasdaq Composite index?
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This chart reflects that the Nasdaq Composite Index is back at its 2000 highs, at the top of a rising wedge pattern. Is a “Double Top” in the making or a big time breakout in the cards?
What Apple does at this dual support test, could have a big influence over this important price point for tech stocks.
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