Can $AAPL break this key resistance level?
This is Scott with your Chart of the Day. I want to take a look at a chart that you probably look at, or should be looking at, at least once a day, and that is Apple ( NASDAQ: AAPL ). It is such a leader in this market. It is heavily weighted in the indexes and so it is really important that you understand what Apple ( NASDAQ: AAPL ) is doing, in my opinion, on a daily basis.
Apple ( NASDAQ: AAPL ) has really kind of been a bit of a leader here. You can see the big move off the low in January, Apple ( NASDAQ: AAPL ) is up over 30 percent. And so it has been one of those stocks, once again, that investors can lean on for gains in this market.
Now, it is getting to a pretty interesting spot, and I will show you where. If I zoom out here and draw a trendline from the high back in December of 2022, I can actually draw it all the way down and you can see how we are right there. We are bumping up against a pretty key level here, here, here, and again here.
So it is kind of make or break for Apple ( NASDAQ: AAPL ). Is Apple ( NASDAQ: AAPL ) going to blast through and break this clear resistance level? Or is it going to break down? That’s what we want to know. Earnings for Apple ( NASDAQ: AAPL ) are coming up in early May and so it may consolidate here, before earnings, and then break out, or break down.
It is definitely a stock that I think you should be watching because it is so heavily weighted in the indexes, it could affect other stocks in the market if it does get a clear rejection at this VERY obvious resistance point.
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