Aayush Jindal
Key Highlights
- Apple’s stock price is struggling to recover above the $180 resistance.
- A major bearish trend line is forming with resistance near $185 on the daily chart.
- A downside break below the $167 support could spark bearish moves.
- Gold prices are still aiming for more upsides above $2,400.
Apple Stock Price Analysis
In the past few days, Apple Inc. stock price (NASDAQ: AAPL) saw bearish moves below the $185 pivot level. The bears were able to push the price below the $175 and $170 levels.
Looking at the daily chart, the price even settled below the $180 level and the 100-day simple moving average (blue). However, the bulls were active near the $167 support zone. A low was formed near $167.09 on TitanFX before the price started a consolidation phase.
There was a recovery wave above the $172 and $175 levels. However, the price failed to clear the $180 resistance zone. There is also a major bearish trend line forming with resistance near $185 on the same chart.
A clear move above the trend line and $185 could start a fresh increase. In the stated case, the price could revisit the main $200 barrier in the coming weeks.
If not, Apple stock could continue to move down. The first major support is near the $167 level. The next key support is near the $162 level. Any more losses could resend the price toward $150 support.
Economic Releases
- US Initial Jobless Claims - Forecast 215K, versus 211K previous.
- US Existing Home Sales for March 2024 (MoM) - Forecast +2.2%, versus +9.5% previous.
