(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Apple Stock Price At Risk of Downside Break, Upsides Capped

Article background

Aayush Jindal

Key Highlights

  • Apple’s stock price is struggling to recover above the $180 resistance.
  • A major bearish trend line is forming with resistance near $185 on the daily chart.
  • A downside break below the $167 support could spark bearish moves.
  • Gold prices are still aiming for more upsides above $2,400.

Apple Stock Price Analysis

In the past few days, Apple Inc. stock price (NASDAQ: AAPL) saw bearish moves below the $185 pivot level. The bears were able to push the price below the $175 and $170 levels.

Looking at the daily chart, the price even settled below the $180 level and the 100-day simple moving average (blue). However, the bulls were active near the $167 support zone. A low was formed near $167.09 on TitanFX before the price started a consolidation phase.

There was a recovery wave above the $172 and $175 levels. However, the price failed to clear the $180 resistance zone. There is also a major bearish trend line forming with resistance near $185 on the same chart.

A clear move above the trend line and $185 could start a fresh increase. In the stated case, the price could revisit the main $200 barrier in the coming weeks.

If not, Apple stock could continue to move down. The first major support is near the $167 level. The next key support is near the $162 level. Any more losses could resend the price toward $150 support.

Economic Releases

  • US Initial Jobless Claims - Forecast 215K, versus 211K previous.
  • US Existing Home Sales for March 2024 (MoM) - Forecast +2.2%, versus +9.5% previous.
Great