Technical Analysis – Apple stock bounces off 1-year low
April 29, 2024 1:27 pm
Apple stock has been in a steady downtrend in 2024
But rebounds from 1-year bottom ahead of earnings
Momentum indicators remain neutral-to-negative
Apple’s stock has been very volatile in 2024, opening frequently with significant price gaps. In the short term, the stock fell to a fresh one-year low of 163.90 on April 19 before paring some losses ahead of the Q1 earnings report on Thursday.
Should the rebound resume, immediate resistance could be found at 172.75, which is the 78.6% Fibonacci of the 165.50-199.40 uptrend and overlaps with the 50-day simple moving average (SMA). A break above that zone could set the stage for the 61.8% Fibo of 178.45, a region that curbed upside attempts both in March and April. Conquering this barricade, the bulls might attack 50.0% Fibo of 182.45.
On the flipside, bearish actions could send the price lower towards the October 2023 low of 165.50. Failing to halt there, the stock may revisit its one-year bottom of 163.90. Even lower, the 123.6% Fibo of 157.48 could provide downside protection.
In brief, even though Apple’s stock managed to halt its decline, the overall technical picture remains negative. Hence, for the recovery to continue, a solid earnings report could be needed.
Apple stock has been in a steady downtrend in 2024
But rebounds from 1-year bottom ahead of earnings
Momentum indicators remain neutral-to-negative
Apple’s stock has been very volatile in 2024, opening frequently with significant price gaps. In the short term, the stock fell to a fresh one-year low of 163.90 on April 19 before paring some losses ahead of the Q1 earnings report on Thursday.
Should the rebound resume, immediate resistance could be found at 172.75, which is the 78.6% Fibonacci of the 165.50-199.40 uptrend and overlaps with the 50-day simple moving average (SMA). A break above that zone could set the stage for the 61.8% Fibo of 178.45, a region that curbed upside attempts both in March and April. Conquering this barricade, the bulls might attack 50.0% Fibo of 182.45.
On the flipside, bearish actions could send the price lower towards the October 2023 low of 165.50. Failing to halt there, the stock may revisit its one-year bottom of 163.90. Even lower, the 123.6% Fibo of 157.48 could provide downside protection.
In brief, even though Apple’s stock managed to halt its decline, the overall technical picture remains negative. Hence, for the recovery to continue, a solid earnings report could be needed.
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