Asset Watch
Tuesday, November 7, 2023
The price action on the right side of the chart highlights how Apple rallied off its 50-week moving average two weeks ago, as the level remains key support. It mostly acted as an anchor leading up to the March through July 2023 rally, and also became resistance during the October 2022 upswing.
More importantly, the gray rectangle on the left side of the chart showcases a similar set-up. In late 2021/early 2022, Apple enjoyed a sharp rally, pulled back to its 50-week MA, and then nearly recouped its previous highs. As a result, a re-enactment could result in plenty of upside.
So, has Apple’s uptrend only just begun? Or was last week’s strength a mirage?