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Technical Analysis – Apple bullish in the long-term

Apple 12/09/18 | EconAlerts

Apple stock continues climbing higher in the long-term view.

Apple stock advanced considerably on Tuesday after six consecutive bearish days, maintaining its positive outlook. In the short-term, the price has been developing within an upward pattern since April 27 with the technical indicators confirming the recent bullish structure. The RSI has turned positive after the drop below the overbought zone but remains in the positive zone, while the stochastic oscillator is also pointing up.

On the upside, the price could attempt to overcome the all-time high of 229.10 resistance level, achieved on September 4, while resistance to more gains is expected to come from the next psychological levels of 230.00 and 231.00.

A reversal to the downside, however, could find immediate support at the 23.6% Fibonacci retracement level of the up-leg from 160.48 to 229.10, around 212.76. If the latter fails to halt bearish movements, the next target could be at the 205.14 barrier, which stands near the 50-day simple moving average (SMA). Slightly below this level, the 38.2% Fibonacci of 202.80 could provide major support, around the ascending trend line.

Turning to the long-term view, the outlook is strongly bullish over the last two years as the price holds above the 50- and 200-weekly SMAs and failed to post a lower low. A significant jump above 229.10 could resume the bullish picture.

Apple 12/09/18 | EconAlerts




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This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Source: XM

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