After a couple of days of consolidation, with candlesticks showing indecision, AAPL shares made a convincing upside break past the $100/share level. This indicates that more buying pressures is present for AAPL shares, with buyers pushing the stock price past a key psychological resistance mark.
At the same time, MACD is still reflecting a pickup in buying momentum for AAPL shares, as the oscillator is moving higher. RSI is also showing strong buying pressure as it has crossed past the 50.0 mark and is on its way up to the overbought area. Price might reach $101.00/share before pulling back.
AAPL Shares Forecast
A pullback might last until the $97.50/share area of interest before price heads further north, but the influx of buying might not even pave the way for a shallow retracement. There have been no major announcements from Apple recently, but it looks like the pickup in risk appetite has shored AAPL shares higher, along with other US equities.
Geopolitical tensions appear to have faded or at least had a weaker impact on financial markets recently, as traders have focused on the implications of the latest Jackson Hole Summit. In particular, Fed Chairperson Janet Yellen spoke of keeping stimulus in place if the labor market fails to show sustained improvements.
This was received positively by US equities, as the promise of easy money and low interest rates spell better prospects for spending and business investment. Yellen indicated that they could tighten earlier than anticipated if consistent developments are seen, giving AAPL shares traders confidence to hold on to the stock for now.
As the launch of the iPhone6 draws nearer, traders might be pricing in more upbeat prospects for the company and buying up more AAPL shares. Introduction of new software updates and gadgets also tend to be positive for the company’s stock trends.
To contact the reporter of the story: Jonathan Millet at email@example.com