Apple Inc. - (AAPL) - March 21, 2023 (Daily Stock Report)

by SIACharts.com

Since bottoming out in the red zone back in January, Apple (AAPL) has been steadily working its way back up the relative strength rankings in the SIA S&P 100 Index Report. Last week it returned to the Green Favored Zone for the first time since October, and today it returned to the Green Favored Zone of the SIA S&P 500 Index Report. In the SIA S&P 100 Index Report, Apple currently sits in 16th place, up 31 positions in the last month.

A major breakout is underway in Apple (AAPL) shares. Over the last six months, a bullish Head and Shoulders base has been forming which was completed with a breakout over the $155.00 neckline yesterday. Along the way back up from the January Head bottom, the shares have snapped a downtrend line, and a bullish golden cross is pending. A measured moved from the base suggests potential resistance near $185.00 with initial measured resistance from the right shoulder low possible near $165.00. The August high suggests resistance could appear near $175.00. Initial support appears at the $150.00 round number, followed by the 200-day moving average near $147.00.

Check out this extremely rare bullish Spread Quadruple Top breakout in Apple (AAPL) shares! Apple has been under renewed accumulation since January, first launching into a bullish High Pole, then digesting early gains with a Symmetrical Consolidation Triangle which it completed to the upside with a Double Top breakout that also completed a Bullish Catapult.

Yesterday’s breakout over $156.50 signals the start of a new upleg and confirms the start of a new uptrend. Next potential resistance appears in the $174.65 to $181.75 range, where a cluster of previous column highs and multiple vertical/horizontal counts appears. Initial support appears at the $150.00 round number, slightly more than a 3-box reversal.

With a bullish SMAX score of 7, AAPL is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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