Apple stock market forecast (AAPL): AAPL retracts to test 200-day moving average support
- AAPL stocks retreated as retail and similar stocks grabbed the headlines.
- Apple returns to solid support area around 200-day moving average
- AAPL struggles to get results after stellar results.
AAPL shares have really been wrong since posting strong earnings on April 28, despite the stock’s renewed efforts during a rally. However, that decision came to a halt at the end of last week as AMC and other memo names grabbed the attention of graduate traders, leaving Apple quietly back to $ 125. The lateral and directionless trend seems to be continuing. These results at the end of April were really boring, but the title did not react accordingly. Earnings per share were reported at $ 1.40 compared to analysts’ average forecast of $ 0.99, a 40% beat. AAPL shares were trading at $ 131 on earnings and climbed to $ 137 before gradually falling back to $ 122. This was a solid support area as the chart shows with a long period of consolidation in March and April. The 200-day moving average also played its part in stopping the AAPL slide. Apple stocks made another round of lower lows and higher highs signifying a new uptrend. Friday’s price action was a bit of a disappointment as AAPL slipped out of the nascent bullish trend and called it into question. As we demonstrated earlier, levels below $ 125 therefore represent a strong support region.
AAPL stock market forecast
Trading without direction or range seems to be the way it is right now, with gains short lived and Apple once again returning to its support region. There’s nothing really tasty to jump into until Apple has a good look at the 200-day moving average. Currently this sits at $ 124.12 so not too far from current price points and provides an opportunity to try to get a long position. Risk management is always at the trader’s discretion, but a breakout just below the 200-day moving average should be watched closely as it would signal a technically long-term bearish move assuming it holds. So careful risk management, as always, please. This 200-day moving average has also been a strong area of consolidation since March and April, so any attempt to break the decline will likely take time if successful. Momentum Oscillators are all in neutral territory as the Moving Average Convergence Divergence (MACD) seeks a bearish cross. The 200 day moving average will give a good test of how weak the current sentiment is. A break below the 9 and 21 day moving average shows that the short-term trend has turned bearish, but the 200-day level is a more meaningful barometer for longer-term views and should see players longer. term enter the market and buy the stock. Otherwise, Apple will be looking for $ 116.21. Apple has not traded below its 200-day average since March 2020.
|Support||124.12 200 days||122.25||116.21|
|Resistance||127.87 short term pivot||131.45||135.51||137.07|