Technical Analysis – Apple stock opens with positive gap, eyeing all-time highs
May 30, 2023 3:27 pm
Apple’s stock has been in a steep uptrend since late December, generating a structure of higher highs and higher lows. In today’s session, the stock had a gap up opening, jumping to its highest levels since March 2022 and battling with its upper Bollinger band.
The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the RSI is approaching its 70-overbought zone.
Should the rally resume, the March 2022 peak could prove to be the first obstacle for buyers to clear. A violation of that zone could open the door for the record high of 182.70 observed in January 2022. Surpassing this region, the stock will form fresh all-time highs, where the 185.00 psychological mark may curb further upside.
If the buying interest fades and the price reverses lower, the recent high of 176.20 might now act as support. Sliding beneath that floor, the stock could descend towards 170.30, which has acted both as support and resistance in the past. Even lower, the 163.10 hurdle could provide downside protection.
Overall, Apple’s stock has been exhibiting persistent strength lately, jumping to its highest levels since April 2022 and eyeing its record high. Nevertheless, a downside correction should not be ruled out as the latest advance is dangerously approaching overbought conditions.
Apple’s stock has been in a steep uptrend since late December, generating a structure of higher highs and higher lows. In today’s session, the stock had a gap up opening, jumping to its highest levels since March 2022 and battling with its upper Bollinger band.
The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the RSI is approaching its 70-overbought zone.
Should the rally resume, the March 2022 peak could prove to be the first obstacle for buyers to clear. A violation of that zone could open the door for the record high of 182.70 observed in January 2022. Surpassing this region, the stock will form fresh all-time highs, where the 185.00 psychological mark may curb further upside.
If the buying interest fades and the price reverses lower, the recent high of 176.20 might now act as support. Sliding beneath that floor, the stock could descend towards 170.30, which has acted both as support and resistance in the past. Even lower, the 163.10 hurdle could provide downside protection.
Overall, Apple’s stock has been exhibiting persistent strength lately, jumping to its highest levels since April 2022 and eyeing its record high. Nevertheless, a downside correction should not be ruled out as the latest advance is dangerously approaching overbought conditions.
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