SIACharts Logo

Commentary >

Apple Inc. - (AAPL) - May 12, 2023

Since we last mentioned Apple (AAPL) in the March 21st issue of the Daily Stock Report, it has remained in the Green Favored Zone of the SIA S&P 100 Index Report and has returned 10.4%. Currently it is sitting in 13th position.

Apple (AAPL) has remained under accumulation since we last looked at it in March. Over the last two months, it has continued to advance in a Rising Channel of higher highs and higher lows, its 50 and 200-day moving averages have completed a bullish Golden Cross, and it has snapped a downtrend line.

Initial uptrend resistance appears at its previous peak near $180.00, the $200.00 round number and $225.00 based on a measured move. Initial support appears near the $170.00 breakout point and the 50-day average near $160.00.

After spending 2022 under distribution, Apple has turned around in 2023, spending this year under consistent accumulation without even a 3-box reversal. In recent months, bullish Double Top and Spread Double Top breakouts have extended into a bullish High Pole and snapped a downtrend line.

Upside resistance appears at the January 2022 peak near $183.20, followed by the $200.00 round number, and $214.65 based on a horizontal count. Initial support appears near $159.50 based on a 3-box reversal.

With a perfect SMAX score of 10, AAPL is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.