Apple Stretches into Key Pivot Zone
Apple has now rallied more than 43% off yearly lows with the bulls now testing a key resistance at 177.11/179.70- a region defined by the 100% ext of the yearly advance and the 2022 high-day close.
Note that this region converges channel resistance over the next few days- watch the closes.
Support rests with lower parallel / 78.6% retracement of the 2022 decline at 170.36- look for a larger reaction there IF reached.
A topside breach / close above this threshold keeps the focus on the record highs at 182.94.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
Note that this region converges channel resistance over the next few days- watch the closes.
Support rests with lower parallel / 78.6% retracement of the 2022 decline at 170.36- look for a larger reaction there IF reached.
A topside breach / close above this threshold keeps the focus on the record highs at 182.94.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
MBForex
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