Apple stock key levels to watch as developers conference gets underway

Apple stock key levels to watch as developers conference gets underway
2 months ago
3 mins read

With the kickoff of its annual Worldwide Developers Conference (WWDC) on Monday, June 6, Apple (NASDAQ: AAPL) presented a little of something for everyone. Tim Cook, Apple’s CEO, opened the WWDC event from Apple Park headquarters using Apple TV+ to stream over two hours of materials. 

In short, dozens of new features and services were shown off, with the company stating that they plan on empowering developers with tools that will help them change the world. 

Similarly, hardware that was shown included new models of MacBook Air and MacBook Pro laptops, among other things, which are now 20% more expensive due to increased costs. Shares of the company rose throughout the day yesterday, to finish only 0.5% in the green. 

AAPL chart and key levels 

In the last trading session, the shares closed at $146.14. If the stock falls to $144.68, it will cross over the 18-day Simple Moving Average, nearing the first pivot, support point at $144.50, a fall below would indicate more short term pain for the shares and possibly a solid entry position for investors looking to stay in the stock long-term. 

AAPL’s price fluctuated from $132.61 to $156.74 in the last month, which is a wide range. However, there may be some resistance above, this may present a decent entry opportunity, but resistance may be found above.

On the other hand, if the shares rise, the first resistance point would be around $148.17. If the shares move past this point, an increase in trading volume could indicate a more bullish move for the shares. 

AAPL 20-50-200 SMA lines chart. Source. Finviz.com data. See more stocks here.

A support zone ranging from $137.34 to $138.65 is formed by a combination of multiple trend lines across various time frames

Meanwhile, a recent report by TD Ameritrade, an online stock broker, indicated that investors were net sellers of equities for May. Despite this, some stocks were strong buys; among them, Apple dominated the chart. 

In summary, AAPL shares seem to be in strong demand, especially more recently with the company announcing various new and exciting partnerships and developments in sales.

It looks like even retail investors are looking to enter AAPL, therefore, the above levels may help new investors find a possible entry point to stay long in this technology giant. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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Dino Kurbegovic

Dino is an investor and technology enthusiast with years of experience in managing complex projects. At Finbold he covers stories on stocks, investing, micro and macroeconomic trends. Also, he’s also building a micro solar power plants in his hometown.