Apple Inc. - (AAPL) - March 21, 2023
Since bottoming out in the red zone back in January, Apple (AAPL) has been steadily working its way back up the relative strength rankings in the SIA S&P 100 Index Report. Last week it returned to the Green Favored Zone for the first time since October, and today it returned to the Green Favored Zone of the SIA S&P 500 Index Report. In the SIA S&P 100 Index Report, Apple currently sits in 16th place, up 31 positions in the last month.
A major breakout is underway in Apple (AAPL) shares. Over the last six months, a bullish Head and Shoulders base has been forming which was completed with a breakout over the $155.00 neckline yesterday. Along the way back up from the January Head bottom, the shares have snapped a downtrend line, and a bullish golden cross is pending. A measured moved from the base suggests potential resistance near $185.00 with initial measured resistance from the right shoulder low possible near $165.00. The August high suggests resistance could appear near $175.00. Initial support appears at the $150.00 round number, followed by the 200-day moving average near $147.00.
Check out this extremely rare bullish Spread Quadruple Top breakout in Apple (AAPL) shares! Apple has been under renewed accumulation since January, first launching into a bullish High Pole, then digesting early gains with a Symmetrical Consolidation Triangle which it completed to the upside with a Double Top breakout that also completed a Bullish Catapult.
Yesterday’s breakout over $156.50 signals the start of a new upleg and confirms the start of a new uptrend. Next potential resistance appears in the $174.65 to $181.75 range, where a cluster of previous column highs and multiple vertical/horizontal counts appears. Initial support appears at the $150.00 round number, slightly more than a 3-box reversal.
With a bullish SMAX score of 7, AAPL is exhibiting strength against the asset classes.
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