After an intraday low of $164.08 on April 19, the Apple share has turned straight up and risen 11.8 percent. Half of the rally came on Friday when the stock broke several technical resistance levels and the 200-day moving average.
Positive signals
In advance, the RSI had established a positive undertone in the RSI chart. Now the trend line and the 50 level were also broken, which signaled an increasing rate of rise.
The stock also broke through the technical resistance at the 186.25 level, but ended below. Breach of that level could open up further upside towards the next technical resistance at the 189 level and perhaps the 191.45 level. The next technical resistance levels come at the 195 level and at the all-time high of $197.86 as of December 14, 2023 – “up just under 7.9 percent from Friday’s close of $176.92.
Technical support levels
In case of any corrections, there is technical support at the 200-day moving average around 180 dollars. Should that level be broken, a correction down again towards the technical support at the 173.50 level cannot be ruled out.
Given that the positive undertone in the RSI chart continues, any downward corrections may be temporary.
See the technical analysis of Apple stock in the video pane above.
More technical analysis
This commentary and the technical analysis shall not be regarded as investment advice and Finansavisen is not responsible for any losses that may arise as a result of investments made on the basis of this commentary.
