US stocks are moving higher in trading here today. The NASDAQ index is up 0.48%. The S&P index is up 0.32%.
In the process, Apple is making another run to the upside (AAPL). Its shares are currently up $2.90 or 1.58% $187. Technically the prices moving above a keep-moving average. More specifically the price has moved above the 50-day moving average currently at $186.54. Going back to August 4, the price gapped below that moving average, corrected higher intraday, and retested that moving average before rotating to the downside. The low price was reached on August 18 near the $172 level. That was just short of the 38.2% retracement of the move up from the January 2023 low to the high price reached on July 19 (at $169.91).
The last few weeks have seen a move back to the upside, with the price moving above its 100-day moving average on Monday at $179.66. Today the prices moving above that 50 day moving average at $186.54.
What next?
It’s all about the 50-day moving average. If the price can remain above that level, the buyers’ remaining control and a move toward the $190.82 will be the next key target.
Conversely, move below and we could see a rotation back down toward the broken 100-day moving average $179.66 over time. Traders who are long Apple, would not want to see the price move below that moving average level.
This article was written by Greg Michalowski at www.forexlive.com. Source