Apple near key support at $168.18 to $166.34
Only a couple of weeks after Apple became the first company to touch a $3 trillion market valuation the technical picture looks less rosy.
Just a couple of weeks after Apple became the first company to touch a $3 trillion market valuation, the technical picture looks less rosy in light of rapidly rising US yields and general risk-off sentiment.
The day Apple made its all-time high - at $183.35 on 4 January - it closed lower and in doing so formed a Dark Cloud Cover on the daily candlestick chart. It has been coming off ever since.
The $168.18 to $167.05 support area, consisting of the mid-December and early January lows, is key for the ensuing trend. A slip and daily chart close below this zone and ideally also below the 55-day simple moving average (SMA) at $166.34, would not only mean that a series of lower highs and lower lows has been made since the beginning of the year (i.e. the definition of a downtrend) but that a double top pattern has also been formed. Both have bearish implications and would indicate that the long-term uptrend is entering a consolidation phase.
It is therefore possible that a slide back towards the September high at $157.03 may be in the pipeline were a fall through support at $166.34 to be witnessed on a daily chart closing basis. The risk of such a drop being seen will remain in play while no bullish reversal takes the share price back up above the last swing high made on the 12 January high at $177.15.
Act on share opportunities today
Go long or short on thousands of international stocks with spread bets and CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take advantage while conditions prevail.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.