XM does not provide services to residents of the United States of America.

Technical Analysis – Apple stock reverses up but 61.8% Fibo acts as strong resistance



Apple stock price has been in a retracement movement of the latest large fall from the record high of 327 to the 212 support. The price found strong resistance at the 61.8% Fibonacci mark of the aforementioned down leg at 283 and near the 100-day simple moving average (SMA).

The MACD is currently increasing positive momentum above the zero and trigger lines, while the stochastics indicate a stronger bullish move as they approaching the overbought zone.

An advance above the 100-day SMA and the 288 resistance barrier could take the stock price until the 304 level, taken from the high on March 3. A step above this area could touch the all-time high of 327 ahead of new paths.

Should the market return to losses, support could be met at the 50-day SMA at 272, the 50.0% Fibonacci of 270 and the mid-level of the Bollinger band around the 265 barrier. Moving lower, the 200-day SMA, which coincides with the 38.2% Fibonacci of 256, could attract traders’ attention before edging south to the 23.6% Fibo of 240 and the lower Bollinger band.

Overall, Apple stock opened the way for a positive upside movement after the pullback on the six-month low of 212. The short-term picture would switch to bullish again if the price surpasses 327.  

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.