The last time I wrote about Apple (AAPL.us) was back on 16 October 2023 in an article titled "Apple Shows Interesting Weekly Technical Setup." It took some time, but the signals did eventually materialise.
1. Apple bullishly broke-out above its downward sloping dashed green trendline in November.
2. This coincided with the green 5-week EMA bullishly crossing above its orange 10-week EMA (black ellipse).
3. The EMAs have bullishly developed angle and separation to the upside.
4. The RSI has crossed to the bullish side of 50 (black rectangle). This denotes an underlying positive momentum that is price supportive.
AAPL.us is currently trading around $195, just shy of its all-time high, set in July, of $198.23. According to Wedbush analyst Dan Ives, iPhone shipments may be ahead of the 220-230 million units that Wall Street expects for the company's fiscal 2024.
If the pace continues it will bode well for AAPl.us and so far, demand seems to be robust in the US and China despite the threat of competition from Huawei. Ives bullishly raised his price target for AAPL.us from $240 per share to $250 per share.
If the RSI maintains above 50, Apple's stock price will have a tailwind behind it.
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.