Apple Stock AAPL is showing a wedge formation on its technical charts. According to Richard Ross, Global Technical Strategist at Auerbach Grayson in a recent article published on Yahoo Finance, AAPL can soon see $650.
Lahore, Pakistan -- (SBWIRE) -- 03/25/2014 -- Apple Stock AAPL is showing a wedge formation on its technical charts. Right now AAPL is trading at $543 per share. The tech giant is reportedly talking with Comcast on a deal that could improve the picture quality of the users of Apple’s TV set top box. According to Richard Ross, Global Technical Strategist at Auerbach Grayson in a recent article published on Yahoo Finance, AAPL can soon see $650. This is what he said: “Monday's rally in Apple's stock is enough reason to buy it based on a technical pattern that started at the very end of last year. According to Ross' charts, the stock has been trading in a "wedge" pattern since late December, with the lower part coinciding with Apple's 150-day moving average. A wedge is formed with lower highs and higher lows over a period time, resembling a triangle or wedge.
What we're seeing is a contraction of volatility within that wedge formation," says Ross. "This pattern is not necessarily directional per se but it does tell us that when we get a break from that volatility contraction – an expansion from the pattern – you want to trade in the direction from the break."
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For more information on the video in which Richard Ross explains his technical analysis of AAPL, please visit the following website: