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June 27, 2023
The mobile and tech colossus gaining 0.75% and hovering around the $186.66 level.
New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
Apple's uptick comes amid good United States macroeconomic data released during the day — highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.1% with a reading of 0.6%.
At the same time, United States New Home Sales (May) released today at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.
A study of Apple's historical price actions shows Apple could be slowing down soon; it is getting close to the resistance line and is now at $187.14, only 48 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend and momentum analysis indicates that Apple made an initial breakout above its 3 day Simple Moving Average at $186.32, a potential indicator of a newly emerging bullish phase. Japanese candlestick formations show a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Analysis based on the asset volatility indicates that Apple's upper Bollinger Band® is at $188.9, this is a slight indication of a slowdown.
Notwithstanding Apple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Apple's share price coincides with other technology stocks as Texas Instruments added 2.4% to its value, now trading at $172.8. ASML Holding is trading at $711.89 after ending yesterday's session at $700.24 (up 1.66%). Microsoft gained 0.74%, currently at $331.03.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million, having previously been at -3.83 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Fed Chair Powell speech scheduled to come out tomorrow at 13:30 UTC.
The stock has been trending positively for about 3 months. 5 months ago, the mobile and tech colossus fell to a low of $125 but has since recovered 48.19%.
