Apple’s stock has been trending lower since mid-August after meeting strong resistance at the 176.00 region. Nevertheless, the price has been attempting a recovery in the short term, which has paused for now after failing to test the 200-day simple moving average (SMA).
The momentum indicators currently suggest that bullish forces are in control. Specifically, the RSI is ascending above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line.
To the upside, if the advance resumes, immediate resistance might be encountered at the recent resistance of 153.40. Conquering this barricade, the price could then challenge 157.30 before the spotlight turns to the September peak of 164.00. Even higher, the trend reversal region of 176.00 could curb any further upside moves.
On the flipside, bearish actions could send the share price lower to test 146.80 support, which overlaps with the 50-day SMA. Sliding beneath that floor, the 142.50 hurdle may come under examination. A break below the latter could set the stage for the October low of 134.80.
Overall, Apple’s stock is currently in a consolidation mode, but near-term risks remain tilted to the upside. Therefore, a clear jump above the 200-day SMA may open the door for further advances.