Apple Holds Breakout as iPhone Cycle Takes Hold
Apple’s price chart continues to show improvement amid reports of strong demand for the iPhone 12.
First, the tech giant started December by breaking above $120 and holding its ground on December 10 and 11. It then proceeded to break $125 and hold its ground again yesterday.
This second level is important because it was key resistance on October 12 and 13.
MACD has also been rising steadily since early November.
On the fundamental front, Morgan Stanley said AAPL’s taking market share amid strong demand in China. Nikkei recently reported handset production will rise almost 30 percent in the first half. Yesterday, Reuters added that AAPL’s planning to produce electric cars by 2024.
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First, the tech giant started December by breaking above $120 and holding its ground on December 10 and 11. It then proceeded to break $125 and hold its ground again yesterday.
This second level is important because it was key resistance on October 12 and 13.
MACD has also been rising steadily since early November.
On the fundamental front, Morgan Stanley said AAPL’s taking market share amid strong demand in China. Nikkei recently reported handset production will rise almost 30 percent in the first half. Yesterday, Reuters added that AAPL’s planning to produce electric cars by 2024.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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