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May 21, 2023
Friday at a glance: after ending Thursday at $175.05, Apple spiked to $176.29 Friday, dropped back to starting point range, and rallied again to $175.16.
Support/Resistance levels obtained from chart analysis indicate that Apple is approaching key support, around 56 cents away from $174.6. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Apple's upper Bollinger Band® is at $177.92, suggesting that a downward move may follow.
Notwithstanding Apple's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other technology stocks as Adobe gained 3%, as it traded at $371.25. Cisco Systems was up 1.93%. Applied Materials went down to $126.95, losing 2.29% after it closed at $129.92 Friday.
The stock has been trending positively for about 2 months. Apple hit a significant low of $125 around 4 months ago, but has since recovered 40.02%.
