Apple’s stock reached a fresh all-time high of 193.90 on Thursday, having staged a spectacular rally after touching a ten-week low of 160.50 on April 27. Price action remains comfortably above both the 100-day and 200-day moving averages, reinforcing the bullish medium-term outlook.
Looking at momentum oscillators, the RSI has just turned down after meeting resistance near its overbought 70 line, signaling that positive momentum may be losing some steam. The MACD – already in positive territory – has just crossed above its trigger line, this being a bullish short-term signal. Combined, these suggest that although there may be a minor pullback in prices in the immediate term, the stock’s broader bias remains to the upside.
Further advances could encounter immediate resistance at the all-time high of 193.90; price action is currently taking place just below this hurdle. An upside break would bring prices into uncharted waters, setting the stage for a test of 197.50, which is the 161.8% Fibonacci extension level of the March 13 – April 27 pullback, from 183.40 to 160.50. Even higher, sell orders may be found near the round figure of 200.00 initially, and 210.00 thereafter.
On the downside, preliminary support may come near the 190.30 zone, defined by the peaks of May 10. A downside break could open the way for 186.00, an area that successfully halted several declines in mid-May. Lower still, the March 13 top of 183.40 would increasingly come into focus.
Overall, both the short- and medium-term outlooks are currently looking bullish, though there are some signs of easing momentum in the near-term.
