Technical Analysis – Apple stock posts fresh 6-month high
March 21, 2023 1:27 pm
Apple’s stock has been trending higher since late December, generating a fresh six-month high of 157.65 in the previous daily session. Moreover, the ascending 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where a potential golden cross may accelerate the rally.
The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending within the 80-overbought zone, while the MACD histogram is strengthening above both zero and its red signal line.
Should the rally resume, the stock price could challenge 164.87, which is the 78.6% Fibonacci retracement of the 175.99-124.02 downleg. Conquering this barricade, the bulls might aim for the 171.00 resistance zone. Violating that territory, the price could challenge the August high of 175.99.
Alternatively, if the latest advance falters and the price reverses lower, immediate support could be found at the 61.8% Fibo of 156.14, which acted as strong resistance multiple times during the past month. Should that barricade fail, the 50% Fibo of 150.00 could curb further declines. Failing to halt there, the price may descend towards the 38.2% Fibo of 143.87, which is also the March low.
Overall, Apple’s stock posted a fresh multi-month high, jumping above its upper Bollinger band, while short-term oscillators are also within overbought territories. Hence, the odds for a downside correction are increasing even if the advance resumes in the next couple of sessions.
Apple’s stock has been trending higher since late December, generating a fresh six-month high of 157.65 in the previous daily session. Moreover, the ascending 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where a potential golden cross may accelerate the rally.
The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending within the 80-overbought zone, while the MACD histogram is strengthening above both zero and its red signal line.
Should the rally resume, the stock price could challenge 164.87, which is the 78.6% Fibonacci retracement of the 175.99-124.02 downleg. Conquering this barricade, the bulls might aim for the 171.00 resistance zone. Violating that territory, the price could challenge the August high of 175.99.
Alternatively, if the latest advance falters and the price reverses lower, immediate support could be found at the 61.8% Fibo of 156.14, which acted as strong resistance multiple times during the past month. Should that barricade fail, the 50% Fibo of 150.00 could curb further declines. Failing to halt there, the price may descend towards the 38.2% Fibo of 143.87, which is also the March low.
Overall, Apple’s stock posted a fresh multi-month high, jumping above its upper Bollinger band, while short-term oscillators are also within overbought territories. Hence, the odds for a downside correction are increasing even if the advance resumes in the next couple of sessions.
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