Apple Inc (NASDAQ:AAPL) surged higher this morning, hitting a 52 week high of $229.93. Just a week ago, $AAPL was up here and reversed, put in a topping tail. Topping tails are notoriously bearish top signals. Investors are often confused about how to analyze the topping tail from a week ago when the stock makes a new high like today. I will tell you the answer.
The key is looking at the daily close. Where does the stock price of Apple (NASDAQ:AAPL) close today? If it closes above the topping tail high from last week, then any bearishness is negated and the chart is fully bullish. However, if the stock sells off back below the topping tail high from a week ago, then the bearish topping tail maintains its bearish power.
Currently, Apple (NASDAQ:AAPL) is selling off back below the high, topping tail pivot but the day is not over. Watch the close. A close above or below $228.20 (the topping tail high) will give investors everything they need to know.
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