Technical Analysis – Apple’s relentless rally continues, sets new records

Apple’s stock touched a new record high of 468.5 this week, continuing its relentless five-month rally, with the price having more than doubled since its March lows. The chart is as bullish as it can be, with an uninterrupted structure of higher highs and higher lows, and the price action taking place above all its simple moving averages (SMAs), which are pointing higher.

Momentum oscillators mostly paint a positive picture as well. The MACD is above zero and over its trigger line, though the RSI is above 70, which typically implies an overbought market. However, notice that the RSI has been overbought for the better part of the past few months, yet the price has continued climbing, so it might not mean much.

If the bulls stay in charge and break above the record high of 468.5, their next target might be the 505 zone. Not only is this level close to the psychological 500 region, it is also the 261.8% Fibonacci extension of the February-March downleg. Even higher, buyers might stall near other round figures, such as 550.

On the downside, a pullback might encounter initial support around 435, a zone that also encompasses the 20-day SMA, currently at 427. A bearish break could open the door for a test of the 400 handle, with the 50-day SMA being just below at 391. Yet, for concerns of a trend reversal to surface, buyers would also need to penetrate below 355.

In short, almost everything points in a bullish direction, except for the RSI warning of overbought conditions.


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