0

Apple Inc. (AAPL) Surges Ahead Amidst Bullish Expectations

Justinas
Baltrusaitis
2 years ago
2 mins read

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.

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

AD