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Apple - triple top or a minor reaction from the WWDC news?

Chart & Data from IG

By Minipip
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Triple top or a minor reaction from the WWDC news?

Taking a look at Apple as it has approached its all-time highs leading up to its WWDC event. Yesterday AI news wasn’t taken as expected from investors, in fact, the shares of the company finished the session almost 2% lower. Currently, they are trading at around $192.42 a share in pre-market. The resistance in focus is clearly the area marked by the red channel, as this has proven to be resilient in the past (Dec 23), a break above it this time around may spark a fresh momentum rally. The resistance is between $197-$199, hence, a move and close above $200 could cause a resistance to support flip. This may see $200 act as a new support benchmark due to the R/S flip. The average Wall Street 12-month price target for Apple is $209 a share, which offers an upside potential of 8.4% from current levels. The support for the near-term here is the area of $190.76-$192.48. A slip below it may lead to a pullback towards $185-$186. Looking at the technical indicators, we can see that the previous bearish divergence on the MACD has been clearly broken. This should provide some support in the near term until a new catalyst. The RSI reads 58 from the previous reading of 62, but still positive.   

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