Risk-on sentiment allowed Apple to post 0.75% gain yesterday

Yesterday at a glance: the sleek smartphone manufacturer went up to $169.68, gaining 0.75%.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 236,400. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Despite this, Apple is 71 cents away from testing key resistance at $170.39. Peaking above this level could inspire market bulls and open the path to further gains. Bollinger Band® analysis indicates that current price action is approaching the upper band at $170.24, thereby suggesting that Apple is becoming overvalued.

According to technical analysis, it looks as if Apple likely to continue pointing upward in the short term.

This rally in Apple's share price coincided with other technology stocks as Intel traded at $31.06 after closing yesterday's trading day at $29.86 (up 4%). Intuit was up 3.45%.

While Apple was bullish yesterday, the following technology stocks underperformed: Sony Group Corporation closed at $89.67 (down 5.7%).

The stock has been trending positively for about a month. Apple hit a significant low of $125 around 3 months ago, but has since recovered 34.71%.