Apple posts record single day jump of $7.78 (+4.69%)

The sleek smartphone manufacturer traded at $173.57 yesterday, after making its biggest single-day jump of $7.78 (4.69%) since November 2022.

Apple's uptick comes amid good United States macroeconomic data released during the day — United States Average Hourly Earnings came out at 0.5%, better than analyst estimates of 0.3% and improving upon the previous reading of 0.3%. United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 165,000 with new data of 253,000. United States Unemployment Rate improved upon its previous reading of 3.5 with a new data release of 3.4.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger Band® analysis indicates that current price action is approaching the upper band at $173.33, thereby suggesting that Apple is becoming overvalued. Apple could be slowing down soon; it is getting close to the resistance line and is now at $175, only $1.42 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Technical analysis suggests there could be an imminent reversal for Apple.

A look at other technology stocks also showed bullish price action as Adobe was up 3.74%. Texas Instruments added 2.96% to its value, and traded at $165.82. NVIDIA was up 4.06%.

The stock has been trending positively for about 2 months. The mobile and tech colossus has managed to gain 41.35% so far this year despite trading at lows around $125 previously.