Stock of the day: Apple

By Tomasz Wisniewski|

Published: June 21 2024, 10:21 GMT+0

Stock of the day: Apple

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In today’s analysis, let’s take a closer look at Apple. I previously mentioned Apple when a buy signal was triggered on June 11th. Since May 2023, Apple had been in a sideways trend, marked by yellow lines. On June 11th, the price broke through this resistance and surged from $197 to nearly $220 per share, with particularly strong performances on June 11th and 12th. However, since then, a correction has set in, and recently, this correction has accelerated slightly.

It appears that Apple is poised to test the broken resistance level as new support. This test has not yet occurred but is likely to happen in the coming days. The base scenario suggests that the price will continue to decline towards the $200 or $197 mark, aligning with the upper yellow line. Once this support is tested, a bounce is expected, which would create a strong technical movement, potentially leading to another upswing.

This anticipated retest of support is critical for confirming the bullish breakout and maintaining the positive sentiment around Apple’s stock. Traders should watch closely for the price action around the $200-$197 level, as a successful bounce off this support could offer an excellent buying opportunity and validate the previous breakout.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-apple-10

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