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Asset Watch
Thursday July 18, 2024
Apple’s 5-week moving average (the blue line) has been a reliable trend indicator, as it’s acted as support during medium-term rallies over the last couple of years. Therefore, the bulls remain in control as long as Apple trades above it.
If it falters, Apple could retest the breakout above the July and December 2023 highs (the horizontal white line). After that, the 50-week MA (the yellow line) is a long-term trend indicator that has played an important role over the last several months.
Apple is perched high right now, and there is likely considerable downside if the 5-week MA breaks. Consequently, you should place your stop-loss order slightly below the 5-week MA to avoid false breakdowns and protect against a meaningful retracement.
Can the iPhone maker keep the momentum going even as other Big Tech titans correct, or is it only a matter of time before the bears take a bite out of Apple?
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