Apple Flies In Blue Skies, Attempts To Break From Pattern: A Technical Look At The Stock
Portfolio Pulse from Melanie Schaffer
Apple Inc (NASDAQ:AAPL) reached a new all-time high on Wednesday, approaching a $3 trillion market cap. The stock has been leading the market higher since mid-March, trading in a strong uptrend within a rising channel pattern. However, the stock's RSI is measuring in at about 71%, indicating overbought territory and suggesting a retracement for the stock is on the horizon.
June 28, 2023 | 4:37 pm
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Apple's stock reached a new all-time high, indicating strong investor interest. However, the stock's RSI is in overbought territory, suggesting a possible retracement.
Apple's stock reaching a new all-time high indicates strong investor interest, which could drive the stock price higher in the short term. However, the stock's RSI is in overbought territory, which is a sell signal for technical traders and suggests that the stock may experience a retracement in the near future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100