- 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.
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