Apple Bounced From the $170 Price Level.
Recently, Apple stock broke listed below its two-month long upward pattern line after reaching the brand-new record high of $182.94 on Tuesday. Up until now, it looks like a downward correction and the nearby essential support level is at $165-170, marked by the previous highs and lows. The stock trades within an over month-long consolidation of around $170-180.
Is this a medium-term topping pattern? Its getting very difficult to fundamentally justify the Apples existing market capitalization of around $3 trillion.
Stocks backtracked some more of their recent decreases on Tuesday. Will the marketplace continue higher following todays consumer inflation information?
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On Dec. 3 the index fell to the regional low of 4,495.12 and it was 5.24% listed below the previous record high. So it was a pretty mild down correction or simply a consolidation following last years advances.
The nearby crucial resistance level is at 4,700-4,720 and the next resistance level is at around 4,750. On the other hand, the assistance level is at 4,650. And the crucial support level is now at 4,580-4,600, marked by Mondays everyday low. The S&P 500 is close to its November-December local highs again, as we can see on the everyday chart (chart by courtesy of http://stockcharts.com):.
Conclusion.
The S&P 500 index is expected to open 0.4% higher today following the Consumer Price Index release which was slightly higher than expected at +0.5% m/m. The broad stock market will backtrack more of the recent declines. However, we may see a profit acting 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 downtrend or some further consolidation along the 4,700 level.
In our viewpoint no positions are presently validated from the risk/reward viewpoint.
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Thank you.
Paul Rejczak,.
Stock Trading Strategist.
Sunshine 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 turnaround from the regional low of 4,582.24. The broad stock market continues to trade within an over two-month long consolidation. 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 declines. Subscribe for our day-to-day newsletter today, and youll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts.
