Apple Bounced From the $170 Price Level.
Last week, Apple stock broke listed below its two-month long upward trend line after reaching the brand-new record high of $182.94 on Tuesday. So far, it appears like a downward correction and the nearest important assistance level is at $165-170, marked by the previous low and high. The stock trades within an over month-long combination of around $170-180.
Is this a medium-term topping pattern? Its getting very hard to essentially validate the Apples existing market capitalization of around $3 trillion.
Stocks retraced some more of their current decreases on Tuesday. Will the marketplace continue greater following todays consumer inflation information?
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On Dec. 3 the index was up to the local low of 4,495.12 and it was 5.24% listed below the previous record high. It was a quite moderate downward correction or simply a combination following last years advances.
The nearest important resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. And the essential support level is now at 4,580-4,600, marked by Mondays everyday low.
Conclusion.
The S&P 500 index is expected to open 0.4% higher this morning following the Consumer Price Index release which was a little higher than anticipated at +0.5% m/m. The broad stock market will retrace more of the current decreases. We may see a revenue taking action later in the day.
Heres the breakdown:.
The S&P 500 extended its short-term uptrend the other day. It might be still a correction within a drop or some more combination along the 4,700 level.
In our viewpoint no positions are presently justified from the risk/reward viewpoint.
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Thank you.
Paul Rejczak,.
Stock Trading Strategist.
Sunlight Profits: Effective Investments through Diligence and Care.
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Upgraded on Jan 12, 2022, 2:56 pm.
The broad stock markets gauge extended its advance following Mondays upward reversal from the local low of 4,582.24. The broad stock market continues to trade within an over two-month long combination. Last week, Apple stock broke below its two-month long upward trend line after reaching the new record high of $182.94 on Tuesday. The broad stock market will retrace more of the current decreases. Subscribe for our daily newsletter today, and youll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts.
