AAPL shares have been on a strong climb recently, barely offering any chance to hop in on trend pullbacks. For now though, AAPL shares appear to be retreating, giving an opportunity for those looking to buy to join the uptrend at a better price.
Share prices topped around the $102.50 level recently before falling back below the $100/share psychological level. AAPL shares could retest the $99.00/share area, which served as an area of interest and previous resistance for price action.
AAPL Shares Forecast
MACD is still moving lower, which suggests that a deeper pullback might take place. If so, AAPL shares could retreat until the $95.00/share area, which coincides with the 50 simple moving average, a dynamic support for price action during the latest uptrend.
A sharper correction might take price down to the next area of support at $92.50/share. RSI, on the other hand, is indicating that the uptrend is likely to resume soon. The oscillator has already fallen into the oversold area, which means that any drop isn’t likely to be sustained.
A rally from any of the support levels mentioned could take AAPL shares to the $100.00/share resistance or until its previous highs once more. Stronger buying pressure could take prices beyond the $102.50/share area and until the $105.00/share major psychological level.
News of the celebrity photo hacking incident had been negative for AAPL shares as this cast doubts on the security of keeping photos on the iCloud. Updates are expected to be rolled out soon, perhaps during the keynote address or the announcement of new Apple products in October. Apart from that, news on the iPhone 6 and other software offerings are also expected to boost Apple share prices.
Should these announcements fail to impress, AAPL shares could be in for more selling momentum, although this is not a likely scenario given how stock prices reacted to previous keynote addresses.
To contact the reporter of the story: Jonathan Millet at firstname.lastname@example.org