• AAPL shares continue to bounce from the 200-day moving average support. 
  • Indicators still in bearish territory as AAPL stalls at 9-day moving average.
  • Big tech stocks remain well below 2021 highs.

Apple shares have struggled ever since the release of stellar results on April 28. Earnings per share were reported at $1.40 versus the average analyst forecast of $0.99. A forty percent beat. AAPL shares were trading at $131 at the time of reporting earnings, popped up to $137 before gradually sliding back to $125. Now Apple shares find themselves in the $120’s and struggling for momentum.

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Apple (AAPL) stock forecast

Apple shares rallied just about up into our neutral zone. Most notable though is that Apple stalled at the 9-day moving average (MA) resistance at $127.33. This is the first level to break which will set the scene for a move to test $131.45. From $131.45 to $135.51 is pretty strong resistance, consolidation area so AAPL may find it hard to accelerate through this region. Once $135.51 is taken the move should accelerate toward a test of highs at $145.08. There is little consolidation or price discovery between $135 and $145.

We can see clearly why Apple staged the recovery. Our bear target, consolidation 1 area is an area of strong price support with large price discovery and volume. This area also neatly contained the 200-day moving average (MA) support. So it was a strong support zone.

AAPL shares are at a pivot now from the 9-day MA. Break higher and the levels above will be in play but a failure will see a retracement toward $124 and $123 the 200-day MA. Failure would also likely see a more prolonged period testing the consolidation 1 area. This will enable traders to play the range ($119-124) and use stops in case of any breakouts. 

Both MACD and DMI are in bearish territory, while the RSI and CCI remain relatively neutral.

Support 126.78 124 119 key    
Resistance 127.33 pivot 129.40 weak 131.45 135.51 145.08


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