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Apple Stock Aims Key Upside Break Despite Mixed Q4 Results

Key Highlights

  • Apple’s stock price climbed higher above the $175.00 resistance.
  • A major bearish trend line is forming with resistance near $177.50 on the daily chart.
  • Apple’s revenue dropped for the 4th straight quarter while the net income figure jumped 10%.
  • A clear move above $178 and $180 could spark a strong bullish move.

 

Apple Stock Price Analysis

After a bearish wave, Apple Inc. stock price (NASDAQ: AAPL) found support near the $165.00 zone. A base was formed, and the bulls are now attempting a fresh increase.

Looking at the daily chart, the price started a decent increase above the $170.00 level. There was a move above the 23.6% Fib retracement level of the last main decline from the $198 swing high to the $165 low.

The last few daily candles were mostly bullish, suggesting a decent uptrend momentum. The recent Q4 results of Apple Inc. were mixed as the company revenue dropped for the 4th straight quarter while the net income figure jumped 10%.

Technically, the price is now reaching a key resistance zone near $178. There is also a major bearish trend line forming with resistance near $177.50 on the daily chart of Apple Inc.

The next major resistance is near the 50% Fib retracement level of the last main decline from the $198 swing high to the $165 low at $181.60.

A clear move above the trend line, $180, and then $181.60 could start a strong bullish wave. In the stated case, the price could surge toward the $195 and $200 levels in the coming weeks.

Conversely, Apple’s stock price might face rejection near $178 or $180. If there is a fresh decline, the price might find support near $171.50. Any more losses could resend the price toward $165.50 support.

Economic Releases

  • Germany Services PMI for Oct 2023 - Forecast 48.0, versus 48.0 previous.
  • Euro Zone Services PMI for Oct 2023 – Forecast 47.8, versus 47.8 previous.
  • UK Construction PMI for Oct 2023 – Forecast 44.5, versus 45.0 previous.