Apple (AAPL) has been trading sideways since early 2021 but this correction phase looks to be over and traders should go long again. Let's review the charts and indicators.
In this daily bar chart of AAPL, below, we can see that AAPL has been successfully testing the rising 200-day moving average line. The slope of the 50-day moving average line has turned positive again and the On-Balance-Volume (OBV) line has been holding its March low and is ready to turn upwards. The Moving Average Convergence Divergence (MACD) oscillator looks poised for a turn higher and a cover shorts buy signal.
In this weekly Japanese candlestick chart of AAPL, below, we can see that AAPL has been successfully testing the rising 40-week moving average line a number of times over the past three months. The weekly OBV line has been steady/neutral the past five months but that could change in June. The MACD oscillator has been declining since September but has narrowed in recent weeks towards a possible bullish crossover in the next few weeks.
In this daily Point and Figure chart of AAPL, below, we can see a potential upside price target in the $169 area.
In this weekly close only Point and Figure chart of AAPL, below, we used a five box price filter and can see that the software is projecting the $390 area as a potential technical target.
Bottom line strategy: Traders who are not already long AAPL could go long AAPL at current levels risking to $116. The $169 area is our first upside price target.
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