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Technical Analysis – Apple continues powerful uptrend, stays near records
June 30, 2020 2:26 pmVideo
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Apple’s stock reached a new all-time high of 372.16 last week, continuing its monster bull run above a three-month upside support line and above all its simple moving averages (SMAs), which are also sloping upwards.
Momentum oscillators endorse the positive picture. The RSI is well above 50 and is pointing higher, while the MACD – already deep in positive territory – looks ready to cross above its red trigger line soon.
If buyers manage to pierce above the record high of 372.16, the price would be back in uncharted waters, turning the focus to round psychological numbers that might act as resistance. In this case, the next target may be the 380 level, ahead of the 390 region. Even higher, a tougher test for the bulls will be the area around the 400 handle, which also encompasses the 161.8% Fibonacci extension of the February-March downfall at 398.0.
On the downside, a pullback could encounter initial support near the intersection of the 351 level, the upside support line, and the 20-day SMA near 348. A violation would pave the way for a test of the 333 area, which is not far from the next support region of 328. Lower still, the 50-day SMA currently at 320 could halt further declines.
All told, the picture is decisively positive and a break above 372.16 could add more fuel to the rally. Otherwise, a move below the cluster of support around 351 might worry the bulls.
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