- AAPL shares continue to reawaken from post-earnings slumber.
- Fed talks tough, but equities take it on the chin.
- Apple shares push above $131 resistance, $137 next target.
Apple stock has finally caught a bid and pushed higher, breaking above some key resistance levels in the process. The Fed on Wednesday managed to persuade markets that it is not asleep at the wheel and that it will take necessary steps to control inflation. Markets obviously were more concerned about the effects of runaway inflation than rate hikes, as ordinarily a rate hike cycle would dent equity enthusiasm. However, the broad indices have suffered only minor losses, and AAPL stock has broken out while the Nasdaq set a new record high on Thursday.
AAPL stock forecast
Thursday's price action, as we can see below in the 30-minute chart, continued the strong channel breakout that began on Monday.
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The daily view below gives some more levels that AAPL stock is now targeting, having broken out of the channel. $131.45 was broken yesterday, the breakdown point after results in late April. From $131.45 to $135.51 is the consolidation 2 zone with a strong concentration of price and volume, meaning it is a heavy resistance zone. Once through here, volume drops off alarmingly above $137.07, meaning the price should accelerate higher to test record highs.
The risk-reward is now firmly skewed to the upside as Apple shares are trading above the 9-day moving average and have used the 200-day moving average as strong support.
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