- Apple shares remain rangebound above 9-day moving average.
- AAPL should see Nasdaq pump as yields dump.
- Price remains stable, lags behind FAANG stocks.
Apple shares continue to remain steady and sideways as the Nasdaq gears up for a push to new record highs. The S&P 500 is already en route but the Nasdaq has a little more work to do. The benign yield environment continues as US 10 Year yields dip under 1.5% on Wednesday which should underpin growth and Nasdaq stocks.
Facebook is the one FAANG name to set new highs on Tuesday while Apple lags behind. This occurred despite AAPL producing stunning earnings in late April and announcing an increase to its dividend and buy-back programs. Apple shares have used the long-term 200-day moving average as support recently and have not been trading below its 200-day moving average since the pandemic crash in March 2020.
Forecast for AAPL price
Facebook (FB) powers on but Apple lingers despite both companies producing strong earnings results. Apple did have a brief post-earnings surge but has since slipped more than 10% below. The 200-day moving average at $124.42 remains as key support and this area is a strong support zone as identified on the chart. Holding above the 9 and 21-day moving averages should encourage short-term traders and entice further buyers in. The broad market looks inviting with the S&P 500 making new highs and the Nasdaq in a bullish setup.
AAPL breaking the $131.45 resistance level remains key for bulls to end the series of lower highs and lows and set up a test of new highs. The momentum oscillators, Relative Strength Index (RSI) and Commodity channel Index (CCI), are hopefully ahead of the game in the potential of price breaking out of the downtrend. All that is needed is for the share price to confirm this, which places our first target for bulls at the upwards channel at $129. Any dips toward $120 can be used as buying opportunities if the trend remains intact and as always, use careful risk management.
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