Sunday, September 22, 2019
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Technical Analysis – Apple recovers some ground

Apple recovers some ground, but remains neutral.

Apple’s stock has recovered somewhat in the past weeks but has failed to record a higher high on the daily chart, which keeps the medium-term picture neutral for now. A break above 215.0 would turn the outlook to cautiously positive, while a move below 170.0 would shift it to tentatively negative.

Short-term momentum oscillators aren’t sending any clear signals either, with the RSI pointing down but being near its neutral level, while the MACD is hovering just above its red trigger line.

In the bullish scenario, the price could challenge the 207.0 level again, where an upside penetration could pave the way for 215.0 – the May high. If buyers pierce above it too, that could reinforce expectations that the outlook is turning more positive, turning the focus to 224.0.

On the downside, declines could stall initially near the 50-day simple moving average (SMA), currently at 194.10. Lower, the crossroads of the 189.50 area and the 200-day SMA could provide support, where another break would bring the 170.0 level into play.

In short, a move either above 215.0 or below 170.0 is required to change the neutral picture.


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Disclaimer:
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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