Technical Analysis – Apple stock regains positive momentum

Apple’s stock has regained its positive momentum after its early October lows, surpassing its 50-day simple moving average (SMA) and targeting its all-time high at 157.12. Short-term oscillators are supporting a positive bias, as the RSI is hovering steadily above its 50 neutral mark, while the MACD is found above zero and its red signal line, reflecting the recent appreciation of the stock price.

Should the price continue its uptrend movement, buyers may target the 150.00 region. Surpassing this barrier could pave the way towards testing the stock’s all-time high. Overcoming this level, the price would enter uncharted waters, possibly meeting the 161.60 and 168.85 levels, which are the 123.6% and 161.8% Fibonacci extensions of the September 7 to October 4 downleg, respectively.

On the flip side, preliminary support could develop at its 50-day SMA, currently at 147.10. Deeper losses would turn the focus towards the 140.95 barrier before testing the strong 138.15 level. Should the bears violate this level, the price might test its 200-day SMA, currently at 135.81. A drop below this crucial area could turn the outlook of the stock to bearish.

In brief, both the overall outlook and near-term bias for the stock are positive. However, should the price break below its 200-day SMA, the outlook might turn bearish, while if the stock crosses its all-time high of 157.12, positive momentum could strengthen sending the price into uncharted territories.

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