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Apple Inc. (AAPL) Surges Ahead Amidst Bullish Expectations

Oliver
Scott
1 year ago
2 mins read

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Rundown:

  • Apple attracts more buyers as the stock appreciates higher.
  • The stock pullback epected as it reached the overbought region.
  • Resistance Levels: $300, $320, $340.
  • Support Levels: $280, $260, $240.

AAPL stock is in an uptrend. The bulls took control and moved price upward to a high of $320. One unique thing about the stock is that it continues to move up.

AAPL Long-term Trend (Weekly): Bullish

The bulls continue to move price upward without any challenge from the bears. In a situation like this, the stock can be regarded as being overbought as it continues to trade in the overbought region of the daily stochastic. The stochastic bands are at 100% range and it is moving sideways.

AAPL stock weekly (1W) price chart. TradingView data.

A new wave of bulls is triggering to push the stock upward. In other overbought situations, there will be no bulls to push the stock, rather bears will be generated to push the stock downward.

AAPL Medium-term Trend (Daily): Bullish

On the daily chart, the stock is in a smooth uptrend. The stock is currently facing resistance at $320. The price has fallen to $308 and the selling pressure may continue if the bears break below $300.

AAPL stock daily (1D) price chart. TradingView data.

The Relative Strength Index period 14 level 74 indicates that the stock is in the bullish trend zone. The RSI period 14 has already indicated that the stock has reached the overbought region of the market.

It is a region where no bullish traders are on hand to push the price upward. That is the reason for the price fall.

To conclude, AAPL is not an overpriced stock. Rather the stock has traded in the overbought region for a longer period. Buying the stock has pushed the price to move up higher. Our expectation is a pullback from the upward move.

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Oliver Scott
Author

Oliver is a revolutionist in the sense that he embraces change as it comes. He is passionate about blockchain, digital assets, the Internet of Things, Artificial Intelligence, and all evolving technologies. At Finbold.com Oliver covers data-driven stories and researches that reveal meaningful insights for the reader.

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