You are here: Home > articles > Forex > Technical Analysis – Apple stock hits fresh all-time high; bullish bias back in force
Technical Analysis – Apple stock hits fresh all-time high; bullish bias back in force
June 8, 2018 12:26 pmVideo
Latest News
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
Apple’s stock reached a fresh all-time high of 193.90 on Thursday, having staged a spectacular rally after touching a ten-week low of 160.50 on April 27. Price action remains comfortably above both the 100-day and 200-day moving averages, reinforcing the bullish medium-term outlook.
Looking at momentum oscillators, the RSI has just turned down after meeting resistance near its overbought 70 line, signaling that positive momentum may be losing some steam. The MACD – already in positive territory – has just crossed above its trigger line, this being a bullish short-term signal. Combined, these suggest that although there may be a minor pullback in prices in the immediate term, the stock’s broader bias remains to the upside.
Further advances could encounter immediate resistance at the all-time high of 193.90; price action is currently taking place just below this hurdle. An upside break would bring prices into uncharted waters, setting the stage for a test of 197.50, which is the 161.8% Fibonacci extension level of the March 13 – April 27 pullback, from 183.40 to 160.50. Even higher, sell orders may be found near the round figure of 200.00 initially, and 210.00 thereafter.
On the downside, preliminary support may come near the 190.30 zone, defined by the peaks of May 10. A downside break could open the way for 186.00, an area that successfully halted several declines in mid-May. Lower still, the March 13 top of 183.40 would increasingly come into focus.
Overall, both the short- and medium-term outlooks are currently looking bullish, though there are some signs of easing momentum in the near-term.
Related Posts: