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Apple Stock Might Be About to Break Out

Published 12/04/2023, 08:26 PM
AAPL
0.74%

Apple (NASDAQ:AAPL)'s stock has been trading sideways for some time and it is now touching the rising 20 MA. This can be a bullish setup where the stock is just resting before breaking out higher.

We need a bit more confirmation but if it breaks out of the consolidation we could see AAPL climbing higher.

consolidation in Apple's stock

The chart above shows the daily chart of Apple's stock AAPL. Right now it has been trading sideways with a slight decline to the rising daily 20 period moving average.

The stock is also consolidating at the prior high support. I have drawn two trend lines on the consolidation. If AAPL continues to trade sideways and eventually breaks out of the higher trend line, then we could see AAPL moving higher.

The rising daily 50 moving average and the rising 200 day moving average also points to long term and mid term health of the stock. Odds of it moving higher is good.



60 min consolidation in AAPL

The chart above shows the 60 min chart of AAPL. The trend lines are clearer here. The gradual decline might set up a consolidation. It all depends on whether the stock will breakout higher or lower. If AAPL breaks out of the upper trend line, then it is likely to continue to move higher.

On the other hand, if AAPL breaks below the lower trend line, then we could see more correction coming in to the stock.


Weekly uptrend in AAPL

Now that we have got the short term and mid term picture of the health of AAPL we now need to go and have a look at the weekly chart of AAPL.

As you can see, AAPL just broke out of weekly chart flag type of pattern. It found support at the prior high support. So the odds of AAPL moving higher is quite good in the long term. All we need now is a breakout in the shorter time frames.

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