Apple stock is at a pivot point

news7f03/21/2023

1 2 minutes read

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BRUCE KAMICH

March 21, 2023 | 12:41 pm EDT

Stock quotes in this article:

AAPL

Shares of Apple ( AAPL) is closely watched by many fundamental and technical analysts. That’s nothing new but let’s check the state of the charts to see if they suggest anything ahead of the Fed’s next moves.

In this AAPL daily Japanese candlestick chart, below, I can see that price made a low in late December/early January. AAPL recovered quickly in February before retracing in early March. . Stocks just hit new highs a bit to rally but our analysis doesn’t stop there.

Today’s candle is a doji – it can change at the close of the trade – which is a balance between buyers and sellers. Opening and closing are the same or nearly the same. A bearish candle (red) on Wednesday would be confirmation if that happens.

The daily on-balance volume (OBV) line is confirming price strength but a 12-day price momentum study shows lower highs from February to March. This is a bearish divergence and could foreshadow upcoming price weakness.

In this daily AAPL Point and Figure chart, below, I can see a bullish price target in the $177 area but need to trade at $158.62 to renew the uptrend.

Final strategy: It is often said that technical analysis, charts and indicators are very subjective. Two analysts may come to different conclusions. I get that, but I just wanted to point out that AAPL stock is at a “turning point”. Nearby.

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