A Bearish Divergence at Record Highs 🍎 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by chessNwine.
Apple saw an early morning surge of more than 2% before fading throughout the day, though the stock still managed to close at new all-time highs
Momentum has failed to confirm the move, resulting in a bearish momentum (RSI) divergence.
While new highs are bullish, history suggests Apple could face some near-term turbulence, with the stock averaging negative returns one day and one week after making its first all-time high in a month.
The Takeaway: Apple may be due for some short-term weakness after returning to record highs.
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