Apple Sneaks Toward a Breakout

Investor sentiment has recently focused on beaten down cyclical stocks like banks and energy, distracting from megacap technology names. But traders shouldn’t forget about Apple.

The iPhone giant is squeezing into a very tight range near its pre-Covid peaks. It’s also made higher lows while remaining trapped below $324, resulting in a bullish ascending triangle.

Recent data has shown strong growth in the App Store, possibly because social distancing drove engagement. AAPL now stands to benefit from the lockdowns ending because almost half its U.S. stores will be open again this week.

Heads, AAPL wins. Tails, the bears lose.