AAPL Stock Price to Test Resistance

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AAPL Stock Price to Test Resistance

AAPL Stock Price to Test Resistance

AAPL stock price might be ready to test a near-term resistance level after just bouncing off support a few days back. As you can see from the daily chart, the stock price found support and formed reversal candlesticks on the 515.00 to 520.00 levels and rebounded up to the 100 SMA (simple moving average).

This SMA has acted as support in the past and seems to be acting as resistance after the pair recently broke below it. Take note though that AAPL stock price is still moving above the 200 SMA, which means that the longer-term uptrend is still valid.

MACD is offering no clear clues at the moment, as the oscillator is moving in neutral territory. It is moving higher though, indicating that there’s a bit of buying pressure in the market. After all, AAPL stock price closed higher for the past three days in a row, despite the lack of trading volatility during the Holy Week break.

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AAPL Stock Price Forecasts

The latest chart of price action shows that AAPL stock price is in the middle of a larger range, with resistance at the 545.00 level. If you’re bullish on this stock, you can still have a chance to buy at market and aim for 545.00. If you’re bearish on this stock, on the other hand, you could wait for a test of 545.00 to short and set a stop above the 550.00 minor psychological level.

AAPL stock price is likely to consolidate in the near term, as there are no major releases due from Apple anytime soon. The keynote speech, during which the tech giant might introduce new software or gadgets, will not take place until the third quarter of the year.

Bear in mind though that May tends to be a weak month for stocks, as traders let go of most of their holdings in anticipation of a downtrend that could last until October.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers. He also holds the position of Binary Options Consultant at ForexMinute.com. Before ForexMinute.com was around, Jonathan was a successful Forex dealer and chief market analyst at Forexyard. He has also worked as a Forex trader. His other specialties include advising financial companies of how to stay head of the competition.