Apple Inc. - (AAPL) - March 31, 2022
Apple (AAPL) had been drifting downward within the SIA S&P 500 Index Report since December but appears to be turning the corner. AAPL returned to the Green Favored Zone yesterday from a short dip into the yellow zone after moving up
Earlier this month, a retreat in Apple (AAPL) shares bottomed out with a successful test of support near $150.00, a round number and a previous resistance level. Since then, the shares have been on an upswing. Regaining long-term uptrend support, retaking the 50-day average and snapping a short-term downtrend line have all combined to help turn a downtrend into a sideways consolidation trend.
A winter downdraft in Apple (AAPL) shares recently ended with the shares bottoming out at another higher low near $150.00. Since then, the shares have been on the rebound, clawing their way back upward within a consolidation channel. The recent bullish Double Top breakout has called off a previous bearish double bottom, another positive sign.
A close above $182.00 would take the shares to a new high, complete a bullish spread double top pattern and confirm that the primary uptrend has resumed. Should that occur, vertical and horizontal counts suggest next potential resistance could appear near $200.90, $217.45 or $235.40 on trend. Initial support appears near $164.80 based on a 3-box reversal.
With a bullish SMAX score of 8, AAPL is exhibiting strength against the asset classes.
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