Apple Stock Testing Previous Highs – August 18, 2014

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Apple Stock Testing Previous Highs - August 18, 2014

Apple Stock Testing Previous Highs - August 18, 2014

Apple stock gains might be limited for now, as price is currently testing its previous highs near the $98.00/share levels. MACD is moving down, indicating that the resistance might hold for the time being.

A selloff could take Apple stock down to the area of interest and short-term support around the $94.00/share mark. This lines up with the 50 simple moving average, which has acted as a dynamic inflection point for price action. Further declines could see Apple stock down to the 200 simple moving average support at the $81.50/share area, but this is a less likely scenario.

Apple Stock Outlook

As rumors regarding the iPhone 6 launch flood the newswires, Apple stock traders continue to speculate on how this release might affect company valuation. Many are hopeful that the launch will be as successful as the previous ones, which saw a slight decline in Apple stock prices initially followed by a strong longer-term climb.

Apple stock remained strongly supported in the months following the 6-for-1 stock split, which enabled more equity traders to have access to shares. This is a sign that traders are still positive with their assessment of the company and are seeing more gains in the foreseeable future.

A rally past the previous highs could see prices at the $100/share level sooner or later. After all, demand for this stock remains very strong as the company continues to impress with its latest gadget and software offerings. It appears that even if some are disappointed with the new features of their releases, demand for their products stays sustained against its competition.

A new tech executive has been hired by the company, hinting that further developments are about to be made. Apple also added five vice presidents to its Executive Leadership Team.

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