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.