| 
May 28, 2023
A quick look at Friday: the sleek smartphone manufacturer topped out at $175.77 having ended Friday at $175.43. However, despite early momentum, the stock gave up its gains to now trade at $175.43.
Chart analysis indicates Apple could be slowing down soon as it approaches resistance at $176.43. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Apple formed a session range of $173.11 to $175.77 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $175.16. According to asset volatility analysis, Apple's upper Bollinger Band® is at $177.49, 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 coincided with other technology stocks as Intel was up 5.84%. Qualcomm traded at $110.35 after closing Friday's trading day at $104 (up 6.09%). Accenture plc Class A (Ireland) gained 4.06%, as it traded at $303.6.
The stock has been trending positively for about 2 months. The sleek smartphone manufacturer has fallen back around 1.39% over the past 2 days, from a notable high of $175.43.
