Market Blog Technical Analysis

Apple Stock Broke and Closed the Week Above the Key Resistance Level

Antonio’s Perspective for the week

Apple Inc.(NASDAQ:AAPL) closed higher on Friday, reconfirming the new uptrend after the recent break above the major resistance level on decent volume.

Further rise is expected to $118 zone. Looking at the daily technical chart above, it shows very bullish sign as the stock is back on top of its major EMAs and MACD is crossing up above the zero line. The RSI is also moving up above its 50 level and KD line still show the stock is on the positive swing. The Bullish outlook would be valid as long as the stock holds above the stop-loss level at $110.94 (rising EMA50).

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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