Apple Shows Interesting Weekly Technical Setup


Apple (AAPL,us) shares have begun the week on the backfoot as reports indicate that the iPhone15 may be seeing some weakness in China. According to analysts at Jefferies, iPhone sales have experienced a significant decline in the double-digit range when compared to the iPhone 14 Pro. This drop can be attributed, at least in part, to the launch of Huawei's latest offering, the Mate 60 Pro, which hit the market in August.

Apple is due to release its quarterly earnings on 2 November and forward guidance will be pivotal here because the company looks to be potentially setting up on the weekly time scale. However, a catalyst is likely needed.

There has been weakness in the company's share price since July, but as we head into earnings season, the technical landscape has perked up. A bullish cross by the EMAs would be a fist sign of bullishness. I.e., if the green 5-week EMA crosses above the orange 10-week EMA (black ellipse), it would put the EMAs into a bullish formation. This would be emphasised by a cross of the weekly RSI to a position above 50, which would connote that the underlying momentum is tilting towards positive. If the RSI maintains above 50, this will provide a momentum support for the share price. Another bullish signal would be if the weekly candles breakout above the down sloping green dashed trendline.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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