$AAPL TOP 20
Added 2023-03-19 20:01:14 +0000 UTCWe know how important $AAPL is to the market, it carries enormous weight and has held up substantially well, above the 200 Day MA and 50 Day MA, what I am watching here is the Ascending Triangle formed from the low at the start of this year until now, the horizontal line being the previous high and where I have had the Bull Case line for a few months now. If this breaks above, people may be putting their money in a reliable company like $AAPL instead of in the banks....does that make sense? considering $AAPLs market cap is $2.45 Trillion, it is larger than many GDP's of a lot of countries in the world and has cash on hand that is also considerably higher than most countries revenue, it is certainly seen a safe haven and possibly more so than banks right now.
This may explain how well it is holding up.....as long as their sales continue, with a recession expected now, will people forgo spending on premium items like a new Iphone or hold onto their current model for a little longer until money is more available, this is a possibility.
For now and their chart, if it breaks into the Bull Case, we are watching to see if it can hold above, a break above is not enough as we have seen a lot of fake outs recently.
If it rejects for a fourth time, this is likely to come down to our bear case.
$AAPL is bigger than a lot of banks, we can measure its value by standard metrics (unlike $BITCOIN), it may benefit from the financial uncertainty.
RSI is not looking weak and MACD is showing a glimpse of a bullish pattern forming, I need more confirmation first.
