Apple stock breaks through resistance, looks to resume longer-term uptrend

Apple stock has now rallied enough over the past couple of weeks to break through the resistance that’s been dragging the stock down the past three months.

Tomi Kilgore for MarketWatch:
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The ending of the short-term downtrend would then suggest the technology behemoth’s stock has resumed the 2023 that carried it all-time highs.

The stock rose [1.45%] toward a two-month high in afternoon trading Tuesday. It has soared 9.1% over the past eight sessions, the best eight-day stretch for the stock in a year.

The reversal of the three-month downtrend suggests that, based on the chart watchers axiom that there’s always a bigger trend, the previous longer-term uptrend that started in early-January is ready to resume.

That doesn’t mean Apple’s stock is now cleared for take off back to record territory.

It will have to contend with a likely resistance zone, bordered by the Sept. 5 closing high of $189.70 and the point where the previous uptrend line broke, around $192.90. Downside support begins at the recent breakout point, around $177.60.

Apple all-time high was set on July 19, 2023 at $193.10.
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