Apple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on Apple's iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display.
To review Apple's stock, please take a look at the 1-year chart of AAPL (Apple, Inc.) below with my added notations:
Notice the rising wedge I have outlined on the chart of AAPL. A rising wedge price pattern is essentially a type of triangle formation in which the stock (AAPL) has formed an up trending resistance line and an up-trending support level (red). These two trend lines converging on one another combine to form a rising wedge, which is usually a terminal pattern (bearish). Confirmation of this pattern would occur if the stock broke the up-trending support.
The Tale of the Tape: AAPL has created a rising wedge pattern, which should lead to a break lower. A short trade could be entered on a break out of the bottom of the wedge, which currently sits near $500. If a trader believes the stock has higher prices in it's future, a long play could be made at that support with a stop placed below that level.
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