The Apple stock (NASDAQ: AAPL) traded higher recently after it hit support at the 155.00 zone on January 24th. Although it traded lower yesterday, overall, the stock remains above the upside support line drawn from the low of March 8th, and thus, we would consider the broader bath to be positive.
Market participants could take charge again soon and perhaps target the 168.00 barrier, marked by the inside swing low of January 10th, the break of which could allow extensions towards the peak of January 12th, at 177.30. If they are not willing to stop there, then we could see them targeting once again the stock’s record high of 183.00, hit on January 3rd.
Shifting attention to our daily oscillators, we see that the RSI slid toward its 30 line, while the MACD lies below both zero and trigger lines. Both indicators detect downside speed and suggest that yesterday’s retreat may continue for a while more, or we could see a new one after the stock challenges the 168.00 zone.
However, in order to change our view to negative, we would like to see a clear dip below 148.00. This could also confirm the break below the upside line taken from the low of March 8th, and may initially allow declines towards the 139.00 or 137.00 zones, marked by the low of October 13th, and the inside swing high of April 29th. If investors are nowhere to be found even near those zones, the slide could continue toward the 128.20 barrier, or the 122.0 territory, defined as supports by the inside swing high of May 25th, and the low of May 12th, respectively.
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