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.
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